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Weaker USD Opens 4 Great Trading Setups

With the empty calendar, our attention should be shifted somewhere else but it is very hard to find a main market story in the past three days. In this environment, stocks performed a major reversal yesterday ending the losing streak. Today we do have a correction of those movements but it is relatively flat and definitely not dangerous. Notable fact on Wednesday is also a weaker USD, again.

Cable is currently in a ‘now or never’ situation. We are on a very important support here and a bearish breakout can be lethal. If buyers think about a trend continuation they have to act now.

SP500 used the hammer from Monday, which bounced of the long-term up trendline and went significantly higher. Positive sentiment is back.

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Gold failed to break the neckline, which technically reopens a way for the second test of the 1300 USD/oz.

NZDUSD is having a strong bearish setup on a weekly chart, where we do have a double top on the 50% Fibo retracement. It is also supported by the Head and Shoulder on the H4. Sell signal will be triggered once the price will break the neckline on the 0.722

This article was originally posted on FX Empire

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