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(Z1) Bearish Trend Condition


(Z1) Bearish Price Sequence


(Z1) Off Recent Highs


(Z1)‌‌ Support Appears Exposed

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  • USD/RUB gaps sharply lower this morning, playing catch-up to early selling pressure on the BBDXY, firmer oil markets and tentative optimism RE US-Russia ties.
  • Yesterday's USD weakness post-FOMC continues to filter through into today's session after Powell downplayed inflation and tapering concerns – but paid lip service to stronger economic and employment activity coming closer to its goals.
  • The net-result has been USD weakness thus far and more accommodative risk conditions.
  • Oil markets firmed overnight on a larger than expected EIA inventory draw, supporting demand-side sentiment.
  • Focus remains on yesterday's high (75.32), with a close above reinforcing bullish conditions after two consecutive spinning top candles.
  • Yesterday's strategic stability talks delivered in line with our base case of "constructive" talks with agreements to discuss more as both sides have mutual interests in the area.
  • This represents a slight improvement in relations, coming off a low base, but how the two sides act in the lead-up to September meetings will be vital in assessing their longevity.
  • Nato comments today will also be watched closely for Tone RE yesterday's meeting. Cyber security talks, however, continue to show promise with Russia indicating a willingness to compromise and address issues.
  • Intraday Sup1: 73.0236, Sup2: 73.8201, Res1: 73.3609, Res2: 73.6638

  • Brent Oil