Momentum Trading- Majors

Quoting hms

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Good morning everyone, I hope you are all well.

Crude has recovered some of its losses from yesterday and looks rather bid. If it breaks the resistance line from the previous two highs at $70.50 we may see a play up to $71.50 as a first target. Alternatively if it breaks the daily pivot at $69 and does a 123 move we may see a play south re-testing the lows at $66

Gold has moved aggressively over the past twenty four hours and is finding a bit of support of the support line from the lows at $786. If it holds this support we may see a play up to $813. If it breaks the support line we may see a move down to $785.

EURUSD is in a triangle on the 15 minute chart. We are in a down trend so a break of 1.3420 and a small 1234 move may see a play down to 1.3325. The upside potential is limited due to the fact that the four hourly 20 ma is just above.

GBPUSD has some immediate resistance at 1.7350; we are looking for a break of this before taking a long position. Alternatively, a break of the daily pivot at 1.7280 may see a play down to the weekly pivot at 1.7200.

Have a great day.

Regards,

Hemal

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