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Forex Trading

oil/usd continue to trade on top of this range.

oil/usd continue to trade on top of this range with the top of this channel providing resistance.

EUR/USD testing resistance @ 1.3172

The Euro got a little bit of a boost from a better than expected UK RICS housing price release which brought the EUR/USD up to a session high of 1.31716; testing resistance at the 61.8% on the move from the March 9th high down to yesterday’s low. Currently resistance is holding; we may see possible support around 1.3158 where we find the 50.0% fibo line and the 200 bar moving average.

New Zealand FPI (m/m) 0.6% vs the 0.0% prior reading.

The market was unchanged by the release.

USDJPY continues the NY consolidation.

The USDJPY is moving sideways for most of the day after falling in the firest few hours of trading. The price has developed a floor at the 82.11 area where four separate lows are in the area.  The last 7 hours of trading have a high of 92.29. The 18 pips is narrow and traders will likely be using the two extremes as potential break out levels.

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