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The IX EUR sentiment index gives a 74% bullish reading as the US dollar weakens across the board.
The single currency continues to climb against the greenback on Monday after less hawkish comments from Fed officials last Friday. The Fed’s vice chair Richard Clarida expressed concerns over global slowdown that could affect the outlook of the US economy. Markets dumped the dollar in reaction sensing the hike schedule might hit a road bump. The Euro also found support from Italy which is working towards improving its budget plan to avoid EU sanctions.
On the technical side, the pair is inching up towards the 4h resistance of 1.1440. A break above would send the price to the daily resistance of 1.15. On the downside, 1.1370 is the immediate support level.
The IX GBP sentiment index gives a 64% bullish reading as the leadership crisis was averted, for now.
The British pound saw recovery as markets over-reacted to last week’s cabinet resignations. The dust has settled a bit after the opposition failed to secure enough voice to trigger a vote of no confidence, and markets has found some relief as the British Premier vowed to fight on and focus on the negotiations. However, whether the draft would win the parliamentary approval is another story that could cap the sterling’s advance.
On the technical side, cable bounced back from the daily support area of 1.2710. The pair is likely to meet stiff selling pressure around 1.3050. On the 4h chart, the downside risk is a break below 1.2810.
On the asset performance chart, the pound outperforms all major currencies on the hourly basis, further confirming the bullish nature.
The IX Commodities sentiment index gives a 73% bullish reading as the dollar fell victim of a neutral outlook.
The bullion took a leap on Friday as the greenback crumbled on Fed’s concern of the global economy. Contradictory comments over Sino-US trade relations add to the confusion in the markets. US Vice President Mike Pence denied President Donald Trump’s olive branch earlier, saying that there may be more tariffs on Chinese goods. The market remains bullish though profit-taking is likely to trigger local corrections.
On the technical side, the precious metal is moving towards the 1235 daily resistance. On the 4h chart, the price could encounter some resistance around 1227. On the downside, 1214 near the 30MA is the immediate support level.
On the asset sentiment matrix, traders’ bullish opinions are strong at 67%, further confirming the optimistic view expressed above.
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