The WTI Crude Oil market fell significantly during the course of the session on Thursday, breaking down below the $42.50 level.
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Gold prices fell for a third straight session on Thursday on worries about the possible U.S. rate hike. The XAU/USD pair dipped to a low of 1074.08, a level not seen in more than five years, after dropping through the support in the 1086/2 area put some extra pressure on the market.
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The EUR/USD pair initially fell during the course of the session on Wednesday, but bounced enough to form a little bit of a hammer. The hammer of course is a bullish sign but I do not pay too much attention to it.
The USD/MXN pair fell initially during the course of the day on Wednesday, but turned back around near the 16.72 handle.
The NZD/USD pair fell slightly during the course of the session on Wednesday, as we continue to see quite a bit of volatility in this area. I still see the 0.65 level as support, but with the 0.66 level above is resistance.
The NZD/CHF pair did very little during the course of the session on Wednesday, as we continue to find buyers just below. After all, the 0.65 level is a large, round, psychologically significant number, and with that it would of course attract a lot of traders.
The EUR/CHF pair initially fell during the course of the day on Wednesday, but turned back around to form a hammer yet again. This is the third session in a row that we have seen this, and as a result I believe that this market is essentially forming a “floor” at this level.
The NZD/JPY pair fell during the session on Wednesday, as we continue to go back and forth in the same general vicinity. The 80 handle just below is massively supportive, as we have seen over the last several weeks.