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Summary

In this session, we mostly worked with trend line intersections, focusing on the AUDUSD chart among other currency pairs. We also played with the symmetry to draw a forecast for the days and weeks ahead. 

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EUR/USD: Refreshes three-month high towards 1.2000, battles triangle resistance

EUR/USD eases from fresh high since September 01. The pair rose to the highest in three months before a few hours but couldn’t cross the upper line of a five-week-old ascending triangle formation. RSI conditions warrant caution, bears are less likely to take entries above 1.1870.

EUR/USD News

USD/JPY: Off intraday high near 104.00 on upbeat Japan Industrial Production, Retail Sales

USD/JPY trims early-Asian gains, drops for the fifth consecutive day. Japan’s October month Retail Sales, Industrial Production prints upbeat results. China PMIs, risk catalysts to remain as the key drivers.

USD/JPY News

GBP/USD: Upside extension to liquidity, now in play

GBP crosses are setting up for a bullish extension. Cable is on the verge of a break of structure and bulls will be seeking a discount n the way to the 1.3430s. The current trend is not guaranteed to print a new swing high beyond the liquidity wick's high of 1.3482.

GBP/USD News

Gold: Trades below 200-day MA for first since March

Gold is trading below the widely-followed 200-day Simple Moving Average (SMA) for the first time since March. The metal is changing hands near $1,783 per ounce, representing a 0.25% loss on the day. 

Gold news

WTI: March top lures the bulls as OPEC struggles over output hike

WTI keeps upside break of 61.8% Fibonacci retracement, nears highest in nine months. OPEC struggles to agree over output even as some participants back a delay in the production hike.

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