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Resistance Remains Intact


Trend Needle Points North


Bearish Outlook


WTI Sees Lowest Close Since January


Key Support Remains Exposed

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FOREX: SOC GEN: After a corrective pullback, AUD/USD has now reached the
important support at 0.7780/50 which happens to be the neckline of the large
inverse Head and Shoulders, the graphical level consisting of highs of last
November and March and close to the 38.2% retracement from December. Formation
of a daily hammer near those levels indicates possibility of a rebound. With
daily RSI closing in on a multi month trend support, AUD/USD is expected to head
first towards 0.7915 and even towards 0.80/0.8050, the 61.8% retracement of the
recent down move. Eventually the uptrend should persist towards recent highs of
0.8130/65 and 0.8460.
EUR/JPY has faced resistance near first significant projection at 134.40, the
61.8% retracement of the 2014 to 2016 correction (please refer to FX Special
"Three ways to sell the yen"). A short term correction is now taking shape and
EUR/JPY is likely to revisit recent highs of 131.40 which is also the steeper up
channel. A break below will mean a consolidation lower towards 129.30/129.20,
the 23.6% retracement from April.

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