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Daily Market Report 17-05-2016 by ORBEX‏

EUR/USD

  EUR/USD

1.1325

Market managed to hit below 1.1360 in more signs of more retreat still yet to come where market managed to hit 1.1283 low last week

market showing ability for trading zone between 1.1220 - 1.1395

as we see over the chart, market facing resistance at 1.1360 where as long as market holding below will expect farther drop toward 1.1220-50 zone before a rebound toward 1.1395 may hit the market

above 1.1395 market may restore strength again
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 1.1280 1.1360
  LEVEL2 1.1220 1.1395
  LEVEL3 1.1150 1.1470
 
   
 
 
 
 

GBP/USD

  GBP/USD

1.4490

Market managed to jump above 1.4425 which activated bigger rebound toward 1.4500-30 zone as we advised yesterday

market now facing resistance zone at 1.4530-70 as we see over the chart, which may add drop pressure over Pound to resume the downtrend wave toward 1.4200 zone

above 1.4575 market may build new uptrend wave that may push Pound toward 1.4680-1.4720 zone
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 1.4450 1.4530-70
  LEVEL2 1.4375 1.4650
  LEVEL3 1.4300 1.4720
 
   
 
 
 
 

USD/JPY

  USD/JPY

109.60

Market managed to obtain drop correction toward 108.20 as we advised before where managed from there to advance toward 109.55 before heading for another drop movement toward 108.45 yesterday

so far market still holding above support 108.20 which promising for more advance toward 110.00 and above

below 108.20 market will face support at 107.40-50 before continue drop toward 106.25-50 zone
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 108.20 109.55
  LEVEL2 107.40-50 110.00
  LEVEL3 106.25 111.50-80
 
   
 
 
 
 

Crude Oil

  Oil 6M -

48.45

Market managed today to resume advance to hit our target zone 48.35-75

as we see over the chart, as long as market holding below 48.75 another drop correction may hit the market where support laying at 45.50

above 48.75 market will have chance to add more advance toward 50.80 zone where from there another chance for drop correction toward 48.70 will emerge
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 47.65 48.75
  LEVEL2 47.00 49.80
  LEVEL3 45.50 50.80
 
   
 
 
 
 

GOLD

  Gold

1271

as we see over the chart, market built uptrend channel where market facing support at 1266-68 zone

as long as market holding above this support another wave toward 1295 may hit the market

below 1266 market will back again to face 1257 support zone which may hit the market for rebound correction toward 1285 again

below 1257 market may add more drop toward 1240 zone
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 1266-68 1281
  LEVEL2 1257 1289
  LEVEL3 1240 1295
 
   
 
 
 
 

Dow Jones

  US30 Dow-Jones

17705


Market managed to hit below 17540 last Friday where market is facing support zone at 17400-50 as we advised last week

as long as market holding above 17380 will expect another advance wave toward 18000 zone

below 17380 market may head for farther drop correction toward 17150 before we expect from there another rebound correction toward 17900
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 17380 17800
  LEVEL2 17150 17935
  LEVEL3 16950 18050
 

Source: www.orbex.com

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