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The EUR/USD pair rose initially on Friday, but the 1.05 level above continues to offer resistance. The British pound bounced off of a trend line on Friday, testing the 1.25 level.
The WTI Crude Oil market initially fell on Friday, but just as we had seen on Thursday, buyers came in just above the $50 level to push the market higher. Natural gas markets fell slightly during the session on Friday but found enough support near the $3.30 level to turn things around and form a hammer.
The S&P 500 did very little on Friday as we continue to bang around just above the 2250 handle. The NASDAQ 100 fell during Friday, testing the 4900 level.
The USD/JPY pair fell slightly on Friday, but quite frankly there is enough bullish pressure underneath that I believe it’s only a matter of time before the buyers get involved. The New Zealand dollar broke down during the day on Friday, finally slicing through the 0.70 level.
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Gold ended the week down by 2% at $1133.70 an ounce, recoding a sixth consecutive weekly loss, as the U.S. dollar's strength against other currencies weighed on the market.
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Gold prices slipped for a third straight session on Thursday to settle at their lowest level since February 2 as the U.S. dollar extended its rally.
The Euro broke below the 1.05 level during the day on Thursday, a very significant breakdown. The GBP/USD pair broke down below the day on Thursday, slicing through the uptrend line and the 1.25 level below there.