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Summary
We've brought in Navin Prithyani once again for a Open Webinar here at FXStreet. This is your chance to see him LIVE during this exclusive webinar on topic he is renowned for: Support and Resistance.
Here’s a message we received from Navin: "Support and resistance is a topic very commonly mentioned and used, but yet so misunderstood among most traders. During the webinar, I'm going to openly share the logic and the WHY behind support & resistance that explains exactly how it should be applied. This will be an FXStreet exclusive. We'll cover the logic and will be going into details like how to draw support and resistance properly and even a trading strategy using support and resistance."
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Editors’ Picks
EUR/USD climbs toward 1.1800 on broad USD weakness
EUR/USD gathers bullish momentum and advances toward 1.1800 in the second half of the day on Tuesday. The US Dollar weakens and helps the pair stretch higher after the employment report showed that Nonfarm Payrolls declined by 105,000 in October before rising by 64,000 in November.
GBP/USD climbs to fresh two-month high above 1.3400
GBP/USD gains traction in the American session and trades at its highest level since mid-October above 1.3430. The British Pound benefits from upbeat PMI data, while the US Dollar struggles to find demand following the mixed employment figures and weaker-than-forecast PMI prints, allowing the pair to march north.
Gold recovers above $4,300 as markets react to weak US data
Gold trades in positive above $4,300 after spending the first half of the day under bearish pressure. XAU/USD capitalizes on renewed USD weakness after the jobs report showed that the Unemployment Rate climbed to 4.6% in November and the PMI data revealed a loss of growth momentum in the private sector in December.
US Retail Sales virtually unchanged at $732.6 billion in October
Retail Sales in the United States were virtually unchanged at $732.6 billion in October, the US Census Bureau reported on Tuesday. This print followed the 0.1% increase (revised from 0.3%) recorded in September and came in below the market expectation of +0.1%.
Ukraine-Russia in the spotlight once again
Since the start of the week, gold’s price has moved lower, but has yet to erase the gains made last week. In today’s report we intend to focus on the newest round of peace talks between Russia and Ukraine, whilst noting the release of the US Employment data later on day and end our report with an update in regards to the tensions brewing in Venezuela.
What to look out for on Tuesday, December 16th:
The US Dollar Index (DXY) declined sharply following the Fed's policy announcements last Wednesday and closed a third consecutive week in negative territory. Late Monday, the USD Index trimmed part of its losses and trades near 98.40.