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Crude oil rises on production cuts, ASX 200 set to retrace?
Crude oil prices snapped a three-day bearish streak after Russia announced a cut in oil production, and geopolitical tensions continued to rise with attacks on energy infrastructure in Russia and Ukraine The US dollar index retraced slightly from resistance levels around 104.20 including trend resistance from the 2022 high And that sums up FX moves nicely on a quiet Monday; prices essentially retraced slightly against Friday’s moves to see EUR/USD retest its 200-day MA from below, GBP/USD bounce slightly from its 200-day MA, USD/CAD retreat back below 1.36 and USD/JPY remain in a tight range between 151 – 151.50. ... (full story)