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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 326811, member: 104606"] [B][SIZE=5]Consolidation of Major Currency Pairs Continues[/SIZE][/B] [img]https://i.imgur.com/TPI1QaA.jpg[/img] The US dollar has resumed growth in almost all directions, but key levels have not yet been broken. Thus, the AUD/USD currency pair is approaching October lows just below 0.6300, the pound/US dollar has retested 1.2100, and the US dollar/yen is consolidating near 150.00. [B][SIZE=5]USD/JPY[/SIZE][/B] A possible Fed rate hike due to rising inflation, as well as good data on the core retail sales index and industrial production in the US, published at the beginning of the week, keep the pair from developing a full-fledged downward correction. At the same time, as we see, incoming data is not yet enough to consolidate above 150.00. Most likely, buyers need an additional news background to resume impulse growth. If the foundation of the next trading sessions is positive for the American currency, a renewal of the recent high at 150.20 and a resumption of growth in the direction of last year’s extremes at 151.80m may occur. We could consider cancelling the upward scenario if the pair falls below 147.80. Today's speech by Fed Chairman Jerome Powell will be important for the pair's pricing. Tomorrow morning, you should pay attention to the publication of data on the national core consumer price index (CPI) in Japan. [img]https://i.imgur.com/huYezUx.png[/img] [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.[/I] [/QUOTE]
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