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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 82713, member: 33464"] [b]US Dollar Signaling Bullish Continuation[/b] [B]Key Highlights[/B] • US Dollar continues to impress as it regained bullish bias against the Euro and the Aussie Dollar. • US Initial Jobless Claims released by the US Department of Labor posted an increase from 262K to 265K, but was lower compared with the forecast of 280K. • US Continuing Jobless Claims decreased by 28,000 to 2.23 million for the week ending April 25. • GBPUSD stayed in a consolidation phase with a support around 1.5180. [B]US Initial Jobless Claims[/B] Earlier during the American session, the US Initial Jobless Claims was published by the US Department of Labor. The market was expecting it to increase sharply from the last reading of 262K to 280K in the week ending May 2. However, the outcome was above the forecast, as the US Initial Jobless Claims rose only by 3K to 265K as per the advance figure for seasonally adjusted. The report highlighted that the 4-week moving average now stands around the 279,500, level, which is down by 4,250 compared to the previous week's unrevised average of 283,750. [B]GBPUSD - Technical Analysis[/B] The British Pound was the main focus today, as the UK election is looming. The GBPUSD pair was mostly seen consolidating in a range during the London session. There is a major support formed around 1.5180-60 where sellers struggled on many occasions. [IMG]http://s10.postimg.org/9ikee7qwp/GBPUSD_05_07_2015.png[/IMG] There is a perfect breakout pattern formed on the hourly chart of the GBPUSD pair. There is a contracting triangle, which looks all set for a break higher in the short term depending upon whether buyers gain control or not. ------------------------------------------- Posted by Aayush Jindal - 'Titan FX Currency Analyst' [/QUOTE]
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