FXTechstrategy Team: Forex Analysis
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Daily Technical Strategist On GBPUSD
GBPUSD: Risk Points Higher On Correction
GBPUSD: GBP may be biased to the downside in the medium term but faces immediate corrective recovery in the new week. On the downside, support lies at the 1.5033 level where a break will aim at the 1.4950 level. A break of here will turn attention to the 1.4900 level. Further down, support lies at the 1.4850 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, resistance resides at the 1.5200 level with a break aiming at the 1.5250 level. A violation will aim at the 1.5300 level and possibly higher towards the 1.5350 level. On the whole, GBP continues to retain its broader downside bias medium term though attempting corrective recovery.
GBPUSD: Risk Points Higher On Correction
GBPUSD: GBP may be biased to the downside in the medium term but faces immediate corrective recovery in the new week. On the downside, support lies at the 1.5033 level where a break will aim at the 1.4950 level. A break of here will turn attention to the 1.4900 level. Further down, support lies at the 1.4850 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, resistance resides at the 1.5200 level with a break aiming at the 1.5250 level. A violation will aim at the 1.5300 level and possibly higher towards the 1.5350 level. On the whole, GBP continues to retain its broader downside bias medium term though attempting corrective recovery.
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Daily Technical Strategist On USDCAD
USDCAD: Targeting Further Upside With Warning
USDCAD: USDCAD continues to build up more upside pressure extending its strength on Monday and threatening further upside. However, a pullback may be seen. On the upside, resistance is seen at the 1.2000 level followed by the 1.2050 level. Further out, resistance comes in at the 1.2100 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2150 level. On the downside, support lies at the 1.1900 level followed by the 1.1850 level. Further out, support resides at the 1.1800 level and then the 1.1750 level. All in all, USDCAD continues to see its bullishness.
USDCAD: Targeting Further Upside With Warning
USDCAD: USDCAD continues to build up more upside pressure extending its strength on Monday and threatening further upside. However, a pullback may be seen. On the upside, resistance is seen at the 1.2000 level followed by the 1.2050 level. Further out, resistance comes in at the 1.2100 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2150 level. On the downside, support lies at the 1.1900 level followed by the 1.1850 level. Further out, support resides at the 1.1800 level and then the 1.1750 level. All in all, USDCAD continues to see its bullishness.
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Daily Technical Strategist On EURUSD
EURUSD: Looks To Resume Broader Weakness
EURUSD: With EUR continuing to maintain its downside pressure, more weakness is envisaged. Support is seen at 1.1700 level with a cut through here opening the door for more downside towards the 1.1650 level. Further down, support lies at the 1.1600 level where a break will expose the 1.1550 level. Below here will pave the way for a move lower towards the 1.1500 level. On the upside, resistance lies at the 1.1800 level where a violation will aim at the 1.1850 level where a break will aim at the 1.1900 level, its psycho level followed by the 1.1950 level. Further out, resistance comes in at the 1.2000 level. All in all, EUR remains biased to the downside in the medium term.
EURUSD: Looks To Resume Broader Weakness
EURUSD: With EUR continuing to maintain its downside pressure, more weakness is envisaged. Support is seen at 1.1700 level with a cut through here opening the door for more downside towards the 1.1650 level. Further down, support lies at the 1.1600 level where a break will expose the 1.1550 level. Below here will pave the way for a move lower towards the 1.1500 level. On the upside, resistance lies at the 1.1800 level where a violation will aim at the 1.1850 level where a break will aim at the 1.1900 level, its psycho level followed by the 1.1950 level. Further out, resistance comes in at the 1.2000 level. All in all, EUR remains biased to the downside in the medium term.
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Daily Technical Strategist On GBPUSD
GBPUSD: Looks To Recover Higher On Correction
GBPUSD: With GBP seen halting its downside pressure during Monday trading session, it faces the risk of a move higher on correction. On the downside, support lies at the 1.5950 level where a break will aim at the 1.5900 level. A break of here will turn attention to the 1.5850 level. Further down, support lies at the 1.5800 level. Resistance resides at the 1.6050 level with a break aiming at the 1.6100 level. A violation will aim at the 1.6150 level and possibly higher towards the 1.6200 level. On the whole, GBP continues to retain its broader downside bias medium term
GBPUSD: Looks To Recover Higher On Correction
GBPUSD: With GBP seen halting its downside pressure during Monday trading session, it faces the risk of a move higher on correction. On the downside, support lies at the 1.5950 level where a break will aim at the 1.5900 level. A break of here will turn attention to the 1.5850 level. Further down, support lies at the 1.5800 level. Resistance resides at the 1.6050 level with a break aiming at the 1.6100 level. A violation will aim at the 1.6150 level and possibly higher towards the 1.6200 level. On the whole, GBP continues to retain its broader downside bias medium term
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Daily Technical Strategist On USDCAD
USDCAD: Looks To Resume Broader Uptrend.
USDCAD: USDCAD continues to build up on more upside pressure medium term though it was seen backing off higher prices on Tuesday. On the upside, resistance is seen at the 1.2000 level followed by the 1.2050 level. Further out, resistance comes in at the 1.2100 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2150 level. On the downside, support lies at the 1.1900 level followed by the 1.1850 level. Further out, support resides at the 1.1800 level and then the 1.1750 level. All in all, USDCAD continues to see its bullishness.
USDCAD: Looks To Resume Broader Uptrend.
USDCAD: USDCAD continues to build up on more upside pressure medium term though it was seen backing off higher prices on Tuesday. On the upside, resistance is seen at the 1.2000 level followed by the 1.2050 level. Further out, resistance comes in at the 1.2100 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2150 level. On the downside, support lies at the 1.1900 level followed by the 1.1850 level. Further out, support resides at the 1.1800 level and then the 1.1750 level. All in all, USDCAD continues to see its bullishness.
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The Week Ahead On USDCHF
GBPJPY: Bearish, Extends Weakness
GBPJPY: With the cross extending its weakness the past week, further decline is envisaged in the new week. However, following the mentioned weakness it should trigger a corrective recovery in the new week. On the downside, support comes in at the 175.83 level where a violation will aim at the 175.00 level. A break below here will target the 174.00 level followed by the 173.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 179.00 level followed by the 180.00 level where a break will aim at the 181.00 level. A cut through here will aim at the 182.00 level. All in all, the cross remains biased to the downside short term
GBPJPY: Bearish, Extends Weakness
GBPJPY: With the cross extending its weakness the past week, further decline is envisaged in the new week. However, following the mentioned weakness it should trigger a corrective recovery in the new week. On the downside, support comes in at the 175.83 level where a violation will aim at the 175.00 level. A break below here will target the 174.00 level followed by the 173.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 179.00 level followed by the 180.00 level where a break will aim at the 181.00 level. A cut through here will aim at the 182.00 level. All in all, the cross remains biased to the downside short term
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Weekly Technical Strategist On EURUSD
EURUSD: Faces Continued Bearishness
EURUSD: With further decline occurring the past week, additional downside pressure is likely in the week. Support is seen at 1.1500 level with a cut through here opening the door for more downside towards the 1.1450 level. Further down, support lies at the 1.1400 level where a break will expose the 1.1350 level. Below here will pave the way for a move lower towards the 1.1300 level. On the upside, resistance lies at the 1.1650 level where a violation will aim at the 1.1700 level where a break will aim at the 1.1750 level, its psycho level followed by the 1.1800 level. Further out, resistance comes in at the 1.1850 level. All in all, EUR remains biased to the downside in the medium term.
EURUSD: Faces Continued Bearishness
EURUSD: With further decline occurring the past week, additional downside pressure is likely in the week. Support is seen at 1.1500 level with a cut through here opening the door for more downside towards the 1.1450 level. Further down, support lies at the 1.1400 level where a break will expose the 1.1350 level. Below here will pave the way for a move lower towards the 1.1300 level. On the upside, resistance lies at the 1.1650 level where a violation will aim at the 1.1700 level where a break will aim at the 1.1750 level, its psycho level followed by the 1.1800 level. Further out, resistance comes in at the 1.1850 level. All in all, EUR remains biased to the downside in the medium term.
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Daily Technical Strategist On GBPUSD
GBPUSD: Vulnerable But Still Faces Corrective Risk
GBPUSD: With GBP remaining weak and vulnerable to the downside, further bearishness is envisaged. However, before that occurs, we think a recovery higher should follow in the nearer term as long as it holds above the 1.5033 level. On the downside, support lies at the 1.5033 level where a break if seen will aim at the 1.4950 level. A break of here will turn attention to the 1.4900 level. Further down, support lies at the 1.4850 level. Conversely, resistance resides at the 1.5200 level with a break aiming at the 1.5250 level. A violation will aim at the 1.5300 level and possibly higher towards the 1.5350 level. On the whole, GBP continues to retain its broader downside bias medium term though attempting corrective recovery.
GBPUSD: Vulnerable But Still Faces Corrective Risk
GBPUSD: With GBP remaining weak and vulnerable to the downside, further bearishness is envisaged. However, before that occurs, we think a recovery higher should follow in the nearer term as long as it holds above the 1.5033 level. On the downside, support lies at the 1.5033 level where a break if seen will aim at the 1.4950 level. A break of here will turn attention to the 1.4900 level. Further down, support lies at the 1.4850 level. Conversely, resistance resides at the 1.5200 level with a break aiming at the 1.5250 level. A violation will aim at the 1.5300 level and possibly higher towards the 1.5350 level. On the whole, GBP continues to retain its broader downside bias medium term though attempting corrective recovery.
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Daily Technical Strategist On USDCAD
USDCAD: Faces Corrective Pullback Threats
USDCAD: With the pair triggering a corrective pullback, further decline is envisaged. On the upside, resistance is seen at the 1.2050 level followed by the 1.2100 level. Further out, resistance comes in at the 1.2150 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2200 level. On the downside, support lies at the 1.1900 level followed by the 1.1850 level. Further out, support resides at the 1.1800 level and then the 1.1750 level. All in all, USDCAD continues to face corrective pullback threats.
USDCAD: Faces Corrective Pullback Threats
USDCAD: With the pair triggering a corrective pullback, further decline is envisaged. On the upside, resistance is seen at the 1.2050 level followed by the 1.2100 level. Further out, resistance comes in at the 1.2150 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2200 level. On the downside, support lies at the 1.1900 level followed by the 1.1850 level. Further out, support resides at the 1.1800 level and then the 1.1750 level. All in all, USDCAD continues to face corrective pullback threats.
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Daily Technical Strategist On GBPJPY
GBPJPY: Eyes Further Correction
GBPJPY: With the cross triggering a recovery higher, more strength is expected. On the downside, support comes in at the 178.00 level where a violation will aim at the 177.00 level. A break below here will target the 176.00 level followed by the 175.00 level. Further down, support lies at the 174.00 level. On the upside, resistance lies at the 180.50 level followed by the 181.50 level where a break will aim at the 182.00 level. A cut through here will aim at the 183.00 level. All in all, the cross remains biased to the upside on correction.
GBPJPY: Eyes Further Correction
GBPJPY: With the cross triggering a recovery higher, more strength is expected. On the downside, support comes in at the 178.00 level where a violation will aim at the 177.00 level. A break below here will target the 176.00 level followed by the 175.00 level. Further down, support lies at the 174.00 level. On the upside, resistance lies at the 180.50 level followed by the 181.50 level where a break will aim at the 182.00 level. A cut through here will aim at the 183.00 level. All in all, the cross remains biased to the upside on correction.
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Commodity Technical Outlook On GOLD
GOLD: Bullish But With Risk
GOLD: Outlook for GOLD continues to remain higher having rallied during Tuesday trading session and following through during Wednesday trading session. However, beware of a corrective pullback as price hesitation could be setting in. Resistance resides at the 1,300 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. On the downside, support comes in at the 1,250.00 level where a break will aim at the 1,230.00 level. Below here if seen could trigger further downside towards the 1,200.00 level where a break will aim at the 1,180.00 level. All in all, GOLD remains biased to the upside on correction.
GOLD: Bullish But With Risk
GOLD: Outlook for GOLD continues to remain higher having rallied during Tuesday trading session and following through during Wednesday trading session. However, beware of a corrective pullback as price hesitation could be setting in. Resistance resides at the 1,300 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. On the downside, support comes in at the 1,250.00 level where a break will aim at the 1,230.00 level. Below here if seen could trigger further downside towards the 1,200.00 level where a break will aim at the 1,180.00 level. All in all, GOLD remains biased to the upside on correction.
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Daily Technical Strategist On EURJPY
EURJPY: Retains Recovery Bias
EURJPY- With the cross taking back most of its intra day losses to close slightly lower on Wednesday, it continues to hold on to its recovery risk. On the upside, resistance resides at the 137.50 level where a break if seen will threaten further upside towards the 138.50. Further out, resistance resides at the 139.00 level where a break will aim at the 140.00. On the downside, support comes the 136.00 level where a break will aim at the 135.00 level. A break will target the 134.00 level with a breach turning focus to the 133.00 level. All in all, the cross continues to face downside pressure.
EURJPY: Retains Recovery Bias
EURJPY- With the cross taking back most of its intra day losses to close slightly lower on Wednesday, it continues to hold on to its recovery risk. On the upside, resistance resides at the 137.50 level where a break if seen will threaten further upside towards the 138.50. Further out, resistance resides at the 139.00 level where a break will aim at the 140.00. On the downside, support comes the 136.00 level where a break will aim at the 135.00 level. A break will target the 134.00 level with a breach turning focus to the 133.00 level. All in all, the cross continues to face downside pressure.
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Daily Technical Strategist On EURUSD
EURUSD: Resumes Weakness
EURUSD: With the pair declining on Thursday, it now faces further downside pressure. Support is seen at 1.1300 level with a cut through here opening the door for more downside towards the 1.1450 level. Further down, support lies at the 1.1400 level where a break will expose the 1.1350 level. Below here will pave the way for a move lower towards the 1.1300 level. On the upside, resistance lies at the 1.1600 level where a violation will aim at the 1.1650 level where a break will aim at the 1.1700 level, its psycho level followed by the 1.1750 level. Further out, resistance comes in at the 1.1800 level. All in all, EUR remains biased to the downside in the medium term.
EURUSD: Resumes Weakness
EURUSD: With the pair declining on Thursday, it now faces further downside pressure. Support is seen at 1.1300 level with a cut through here opening the door for more downside towards the 1.1450 level. Further down, support lies at the 1.1400 level where a break will expose the 1.1350 level. Below here will pave the way for a move lower towards the 1.1300 level. On the upside, resistance lies at the 1.1600 level where a violation will aim at the 1.1650 level where a break will aim at the 1.1700 level, its psycho level followed by the 1.1750 level. Further out, resistance comes in at the 1.1800 level. All in all, EUR remains biased to the downside in the medium term.
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The Week Ahead On USDCHF
USDCAD: Extends Bullish Offensive
USDCAD: With price extension seen the past week, USDCAD faces further bullishness in the new week. However, a corrective pullback may develop following its recent upside run. On the upside, resistance is seen at the 1.2500 level followed by the 1.2550 level. Further out, resistance comes in at the 1.2600 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2650 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.2350 level followed by the 1.2300 level. Further out, support resides at the 1.2250 level and then the 1.2200 level. All in all, USDCAD continues to face bullish offensive medium term
USDCAD: Extends Bullish Offensive
USDCAD: With price extension seen the past week, USDCAD faces further bullishness in the new week. However, a corrective pullback may develop following its recent upside run. On the upside, resistance is seen at the 1.2500 level followed by the 1.2550 level. Further out, resistance comes in at the 1.2600 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2650 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.2350 level followed by the 1.2300 level. Further out, support resides at the 1.2250 level and then the 1.2200 level. All in all, USDCAD continues to face bullish offensive medium term
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Weekly Technical Strategist On EURUSD
EURUSD: Maintains Its medium Term Weakness
EURUSD: With EUR declining strongly further the past week, further downside is likely in the days ahead..Support is seen at 1.1150 level with a cut through here opening the door for more downside towards the 1.1110 level. Further down, support lies at the 1.1050 level where a break will expose the 1.1000 level. On the upside, resistance lies at the 1.1250 level where a violation will aim at the 1.1300 level where a break will aim at the 1.1350 level, its psycho level followed by the 1.1400 level. Further out, resistance comes in at the 1.1450 level. All in all, EUR remains biased to the downside in the medium term.
EURUSD: Maintains Its medium Term Weakness
EURUSD: With EUR declining strongly further the past week, further downside is likely in the days ahead..Support is seen at 1.1150 level with a cut through here opening the door for more downside towards the 1.1110 level. Further down, support lies at the 1.1050 level where a break will expose the 1.1000 level. On the upside, resistance lies at the 1.1250 level where a violation will aim at the 1.1300 level where a break will aim at the 1.1350 level, its psycho level followed by the 1.1400 level. Further out, resistance comes in at the 1.1450 level. All in all, EUR remains biased to the downside in the medium term.
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Commodity Technical Outlook On GOLD
GOLD: Looks To Trigger Correction
GOLD: With a marginal close seen the past week, corrective pullback is envisaged. Resistance resides at the 1,315 level where a break will aim at the 1,330.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1,300.00 level where a break will aim at the 1,280.00 level. Below here if seen could trigger further downside towards the 1,250.00 level where a break will aim at the 1,230.00 level. All in all, GOLD remains biased to the upside on correction.
GOLD: Looks To Trigger Correction
GOLD: With a marginal close seen the past week, corrective pullback is envisaged. Resistance resides at the 1,315 level where a break will aim at the 1,330.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1,300.00 level where a break will aim at the 1,280.00 level. Below here if seen could trigger further downside towards the 1,250.00 level where a break will aim at the 1,230.00 level. All in all, GOLD remains biased to the upside on correction.
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Daily Technical Strategist On GBPJPY
GBPJPY: Halts Weakness, Triggers Correction
GBPJPY: With the cross reversing its early intraday losses to strengthen on Monday, it faces further corrective recovery threats in the days ahead. On the downside, support comes in at the 177.00 level where a violation will aim at the 176.00 level. A break below here will target the 175.00 level followed by the 174.00 level. Further down, support lies at the 173.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the upside, resistance lies at the 179.00 level followed by the 179.00 level where a break will aim at the 180.00 level. A cut through here will aim at the 181.00 level. All in all, the cross remains biased to the downside short term.
GBPJPY: Halts Weakness, Triggers Correction
GBPJPY: With the cross reversing its early intraday losses to strengthen on Monday, it faces further corrective recovery threats in the days ahead. On the downside, support comes in at the 177.00 level where a violation will aim at the 176.00 level. A break below here will target the 175.00 level followed by the 174.00 level. Further down, support lies at the 173.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the upside, resistance lies at the 179.00 level followed by the 179.00 level where a break will aim at the 180.00 level. A cut through here will aim at the 181.00 level. All in all, the cross remains biased to the downside short term.
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Daily Technical Strategist On AUDUSD
AUDUSD: Maintains Corrective Bias
AUDUSD: With AUDUSD turning higher on Monday and following through higher on Tuesday, it now faces the risk of further upside in the days ahead. On the downside, support resides at the 0.7850 level where a breach will aim at the 0.7800 level. Below that level will set the stage for a run at the 0.7750 level with a cut through targeting further downside towards the 0.7700 level. On the upside, resistance lies at the 0.7950 level. A cut through here will turn attention to the 0.8000 level and then the 0.8050 level where a violation will set the stage for a retarget of the 0.8100 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.
AUDUSD: Maintains Corrective Bias
AUDUSD: With AUDUSD turning higher on Monday and following through higher on Tuesday, it now faces the risk of further upside in the days ahead. On the downside, support resides at the 0.7850 level where a breach will aim at the 0.7800 level. Below that level will set the stage for a run at the 0.7750 level with a cut through targeting further downside towards the 0.7700 level. On the upside, resistance lies at the 0.7950 level. A cut through here will turn attention to the 0.8000 level and then the 0.8050 level where a violation will set the stage for a retarget of the 0.8100 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.
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Daily Technical Strategist On USDCHF
USDCHF: Halts Recovery, Vulnerable
USDCHF: The pair continues to hold on to its upside pressure but now faces price hesitation. On the downside, support lies at the 0.8950 level with a break targeting the 1.8900 level and then the 0.8850 level. Further down, support comes in at the 0.9000 level. On the upside, resistance resides at the 0.9050 level where a break will aim at the 0.9100 level. Further out, resistance resides at the 0.9150 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9200 level. All in all, the pair remains biased to the downside short term.
USDCHF: Halts Recovery, Vulnerable
USDCHF: The pair continues to hold on to its upside pressure but now faces price hesitation. On the downside, support lies at the 0.8950 level with a break targeting the 1.8900 level and then the 0.8850 level. Further down, support comes in at the 0.9000 level. On the upside, resistance resides at the 0.9050 level where a break will aim at the 0.9100 level. Further out, resistance resides at the 0.9150 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9200 level. All in all, the pair remains biased to the downside short term.
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