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US Dollar Remains Range-Bound, Divergence Seen With Gold Trading Lower but Copper Higher
There were some great trend line breakouts opportunities last week and one of the best was the move on the GBP/JPY, off last week's profiled 145.50 level, that gave up to 250 pips. I hope the FX traders caught a chunk of this! Some interesting divergence has now emerged and I consider that this should be noted with caution; especially given how the Index of percentage of stocks above their 200 MA has been flashing a warning signal at us for some weeks. The first divergence to note is that the risk-sensitive instruments of USA Small Caps (RUT) and Emerging markets (EEM) both closed with bearish-reversal weekly candles ... (full story)