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YEN RISES AGAINST MAJORS
The Japanese yen strengthened against other major currencies in the Asian session on Thursday.
The yen rose to 2-day highs of 156.38 against the euro and 180.44 against the pound, from yesterday's closing quotes of 157.03 and 181.42, respectively.
Against the U.S. dollar and the Swiss franc, the yen advanced to 2-day highs of 142.81 and 165.66 from yesterday's closing quotes of 143.56 and 166.37, respectively.
Against Australia, the New Zealand and the Canadian dollars, the yen climbed to 2-day highs of 96.34, 89.27 and 106.94 from yesterday's closing quotes of 96.60, 89.65 and 107.35, respectively.
If the yen extends its uptrend, it is likely to find resistance around 153.00 against the euro, 178.00 against the pound, 140.00 against the greenback, 162.00 against the franc, 94.00 against the aussie, 87.00 against the kiwi and 104.00 against the loonie.
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TAIWAN JOBLESS RATE FALLS IN NOVEMBER
The unemployment rate in Taiwan decreased somewhat in November, the Directorate General of Budget Accounting and Statistics reported Friday.
The seasonally adjusted unemployment rate came in at 3.37 percent in November, versus 3.41 percent a month ago. In the same period last year, the rate was 3.63 percent.
On an unadjusted basis, the jobless rate dropped to 3.34 percent in November from 3.43 percent in October. Unemployment decreased to 400,000 from 411,000.
Data showed that total employment increased by 19,000 from the previous month to 11.57 million. From the previous year, employment grew by 147,000 in November.
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AUSTRALIAN DOLLAR FALLS AGAINST MAJORS
The Australian dollar weakened against other major currencies in the Asian session on Monday.
The Australian dollar fell to 6-day lows of 96.11 against the yen and 0.8987 against the Canadian dollar, from Friday's closing quotes of 96.82 and 0.9024, respectively.
Against the euro and the NZ dollar, the aussie slipped to 4-day lows of 1.6250 and 1.0756 from last week's closing quotes of 1.6189 and 1.0801, respectively.
The aussie edged down to 0.6775 against the U.S. dollar, from Friday's closing value of 0.6799, respectively.
If the aussie extends its downtrend, it is likely to find support around 93.00 against the yen, 0.87 against the loonie, 1.65 against the euro, 1.06 against the kiwi and 0.65 against the greenback.
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U.S. DOLLAR FALLS AGAINST MAJORS
The U.S. dollar weakened against other major currencies in the Asian session on Tuesday.
The U.S. dollar fell to 4-day lows of 1.1029 against the euro and 142.09 against the yen, from yesterday's closing quotes of 1.1007 and 142.34, respectively.
Moving away from an early high of 0.8568 against the Swiss franc, the greenback slipped to a 4-day low of 0.8550.
The greenback edged down to 1.2714 against the pound, from yesterday's closing value of 1.2689.
Against the Australia and the New Zealand dollars, the greenback slid to a 4-day low of 0.6816 and more than a 5-1/2-month low of 0.6324 from Monday's closing quotes of 0.6796 and 0.6305, respectively.
Moving away from an early high of 1.3262 against the Canadian dollar, the greenback edged down to 1.3251.
If the greenback extends its downtrend, it is likely to find support around 1.11 against the euro, 140.00 against the yen, 0.84 against the franc, 1.28 against the sterling, 0.69 against the aussie, 0.64 against the kiwi and 1.31 against the loonie.
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JAPAN HOUSING STARTS FALL 8.5%, MORE THAN EXPECTED
Japan's housing starts decreased for the sixth straight month in November, and at a faster-than-expected pace, data from the Ministry of Land, Infrastructure, Transport, and Tourism showed on Wednesday.
Housing starts dropped 8.5 percent year-on-year in November, which was worse than the 6.3 percent decline in October. Economists had expected a decrease of 4.3 percent.
Data showed that new construction was contracted in the majority of categories, including owned, rented, and built for scale.
The seasonally adjusted annualised number of housing starts fell to 775,000 in November from 808,000 in the previous month.
Data also showed that construction orders received by the big 50 contractors surged 33.6 percent annually in November, after a 4.2 percent rebound in the prior month.
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U.S. DOLLAR FALLS AGAINST MAJORS
The U.S. dollar weakened against other major currencies in the Asian session on Thursday.
The U.S. dollar fell to an 8-year low of 0.8396 against the Swiss franc and a 2-week low of 141.18 against the yen, from yesterday's closing quotes of 0.8425 and 141.45, respectively.
The greenback slid to a 5-month low of 1.1123 against the euro and nearly a 5-month low of 1.2815 against the pound, from Wednesday's closing quotes of 1.1108 and 1.2800, respectively.
Against the Australia and the New Zealand dollars, the greenback dropped to 5-1/2-month lows of 0.6872 and 0.6370 from yesterday's closing quotes of 0.6853 and 0.6348, respectively.
The greenback edged down to 1.3193 against the Canadian dollar, from yesterday's closing value of 1.3206.
If the greenback extends its downtrend, it is likely to find support around 0.82 against the franc, 140.00 against the yen, 1.13 against the euro, 1.29 against the pound, 0.69 against the aussie, 0.65 against the kiwi and 1.30 against the loonie.
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NZ DOLLAR RISES AGAINST MAJORS
The New Zealand dollar strengthened against other major currencies in the Asian session on Friday.
The NZ dollar rose to a 4-day high of 1.0767 against the Australian dollar and a 2-day high of 1.7427 against the euro, from yesterday's closing quotes of 1.0781 and 1.7460, respectively.
Against the U.S. dollar and the yen, the kiwi advanced to 0.6351 and 89.84 from Thursday's closing quotes of 0.6330 and 89.50, respectively.
If the kiwi extends its uptrend, it is likely to find resistance around 1.06 against the aussie, 1.73 against the euro, 0.64 against the greenback and 91.00 against the yen.
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CHINA MANUFACTURING SECTOR EXPANDS IN DECEMBER
China's manufacturing activity continued to expand at the end of the year, survey results from S&P Global showed on Tuesday.
The Caixin manufacturing Purchasing Managers' Index rose slightly to 50.8 in December from 50.7 in November.
The sector expanded for the fourth time in the last five months. A score above 50.0 indicates expansion.
There were stronger increases in output and new orders in December. However, staffing levels declined for the fourth month in a row.
Moreover, the degree of optimism softened from November.
"Looking to the new year, there is still room for adjustments in fiscal and monetary policies," Wang Zhe, a senior economist at Caixin Insight Group said. "Efforts in increasing employment should be strengthened to alleviate pressure on the job market, improve people's livelihoods, and ultimately foster long-term market confidence."
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ANTIPODEAN CURRENCIES SLIDE AMID RISK AVERSION
The Antipodean currencies such as the Australia and the New Zealand dollars weakened against their major currencies in the Asian session on Wednesday amid risk aversion, following the mostly negative cues from global markets overnight, as major currencies in the region were hit by a stronger U.S. dollar. Technology stocks are bearing the brunt after Barclays cut the iPhone maker Apple's rating to underweight and trimmed its price target.
Traders now look ahead to a busy week of economic data, including key U.S. jobs data and the latest U.S. Fed monetary policy meeting minutes, for important clues to the economic and interest rate outlook.
In the Asian trading today, the Australian dollar fell to nearly a 2-week low of 0.6751 against the U.S. dollar and a 5-day low of 0.9000 against the Canadian dollar, from recent highs of 0.6771 and 0.9020, respectively. If the aussie extends its downtrend, it is likely to find support around 0.64 against the greenback and 0.88 against the loonie.
Against the yen, the euro and the NZ dollar, the aussie slipped to 95.88, 1.6220 and 1.0786 from yesterday's closing quotes of 95.98, 1.6176 and 1.0806, respectively. On the downside, 93.00 against the yen, 1.64 against the euro and 1.06 against the kiwi are seen as the next support levels for the aussie.
The NZ dollar fell to nearly a 2-week low of 0.6245 against the U.S. dollar and a 5-day low of 1.7532 against the euro, from yesterday's closing quotes of 0.6252 and 1.7487, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.59 against the greenback and 1.76 against the euro.
Against the yen, the kiwi edged down to 88.72 from a recent high of 89.13. The kiwi may test support near the 87.00 region.
Looking ahead, Switzerland manufacturing PMI for December and German unemployment rate for December are due to be released in the European session.
In the New York session, U.S. MBA mortgage approvals data and U.S. ISM manufacturing PMI for December are slated for release.
At 2:00 pm ET, U.S. Federal Reserve is scheduled to release FOMC meeting minutes of its December meeting.
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NZ DOLLAR RISES AGAINST MAJORS
The New Zealand dollar strengthened against other major currencies in the Asian session on Thursday.
The NZ dollar rose to 6-day highs of 89.81 against the yen and 1.0757 against the Australian dollar, from yesterday's closing quotes of 89.50 and 1.0768, respectively.
Against the euro, the kiwi advanced to a 2-day high of 1.7437 from yesterday's closing value of 1.7474.
The kiwi edged up to 0.6269 against the U.S. dollar, from Wednesday's closing value of 0.6247.
If the kiwi extends its uptrend, it is likely to find resistance around 91.00 against the yen, 1.06 against the aussie, 1.73 against the euro and 0.67 against the greenback.
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EUROPEAN ECONOMIC NEWS PREVIEW: EUROZONE FLASH INFLATION DATA DUE
Flash inflation from the euro area and house prices from the UK are the top economic news due on Friday.
At 2.00 am ET, UK Halifax house price data is due. House prices are forecast to rise 0.1 percent on month in December, slower than the 0.5 percent rise in November.
In the meantime, Destatis is slated to issue Germany's retail sales for November. Sales are expected to drop 0.5 percent on month, in contrast to the 1.1 percent increase in October.
At 3.30 am ET, Germany's construction Purchasing Managers' survey results are due.
At 4.00 am ET, consumer price data is due from Poland.
At 4.30 am ET, UK S&P/CIPS construction PMI survey data for December is due. The index is expected to climb to 46.0 from 45.5 in November.
At 5.00 am ET, Eurostat publishes euro area flash inflation figures. Inflation is expected to advance to 3.0 percent in December from 2.4 percent in November.
Also, Italy's Istat releases flash consumer and harmonized prices for December.
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EUROPEAN ECONOMIC NEWS PREVIEW: EUROZONE ECONOMIC SENTIMENT, RETAIL SALES DATA DUE
Economic confidence and retail sales from the euro area are due on Monday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is scheduled to issue Germany's factory orders and foreign trade figures. Orders are forecast to grow 1.0 percent on month in November, in contrast to the 3.7 percent decrease in October. Exports are expected to rise 0.3 percent month-on-month, following a 0.2 percent drop.
In the meantime, manufacturing output data is due from Norway.
At 2.30 am ET, Switzerland's Federal Statistical Office publishes consumer prices and retail sales reports. Inflation is expected to rise slightly to 1.5 percent in December from 1.4 percent in November.
At 4.30 am ET, Eurozone Sentix investor confidence survey results are due. The investor sentiment index is seen at -15.5 in January compared to -16.8 in December. At 5.00 am ET, economic sentiment survey results and retail sales data are due from the euro area. Economists forecast retail sales to fall 0.3 percent on a monthly basis in November, reversing a 0.1 percent rise in October.
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EUROPEAN ECONOMIC NEWS PREVIEW: FRANCE INDUSTRIAL OUTPUT DATA DUE
Industrial production from France is the only major economic data due on Wednesday, headlining a light day for the European economic news.
At 1.00 am ET, Statistics Finland releases industrial production figures for November. Output had increased 1.2 percent annually in October. At 2.00 am ET, consumer price data is due from Norway and Denmark. Norway's consumer price inflation is forecast to remain unchanged at 4.8 percent in December. Also, Statistics Sweden publishes GDP, industrial output and orders and household spending data for November.
In the meantime, the Turkish Statistical Institute is scheduled to issue industrial output and unemployment data.
At 2.45 am ET, France's statistical office INSEE releases industrial production figures for November. Output is forecast to remain flat on month, reversing a 0.3 percent drop in October.
At 4.00 am ET, retail sales data is due from Italy.
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AUSTRALIAN DOLLAR RISES AGAINST MAJORS
The Australian dollar strengthened against other major currencies in the Asian session on Thursday.
The Australian dollar rose to more than a 5-week high of 97.80 against the yen, from yesterday's closing value of 97.63.
Against the U.S. and the Canadian dollars, the aussie advanced to 2-day highs of 0.6726 and 0.8985 from yesterday's closing quotes of 0.6698 and 0.8961, respectively.
The aussie edged up to 1.6328 against the euro, from Wednesday's closing value of 1.6372.
If the aussie extends its uptrend, it is likely to find resistance around 98.00 against the yen, 0.68 against the greenback, 0.90 against the loonie and 1.61 against the euro.
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CHINA OVERALL INFLATION RISES 0.1% ON MONTH IN DECEMBER
Overall consumer prices in China were up 0.1 percent on month in December, the National Bureau of Statistics said on Friday.
That was shy of expectations for an increase of 0.2 percent following the 0.5 percent contraction in November.
On an annual basis, inflation fell 0.3 percent versus forecasts for a decline of 0.4 percent after slipping 0.5 percent in the previous month.
The bureau also said that producer prices sank 2.7 percent on year, missing forecasts for a decline of 2.6 percent after sinking 3.0 percent a month earlier.
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EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY GDP DATA DUE
The annual GDP data from Germany and industrial production from the euro area are the top economic news due on Monday.
At 2.00 am ET, Destatis is scheduled to issue Germany's wholesale prices for December. Wholesale prices are forecast to rise 0.2 percent on a monthly basis, offsetting a 0.2 percent drop in November.
At 4.00 am ET, Germany's annual GDP data is due. The economy is forecast to shrink 0.3 percent in 2023, in contrast to the 1.9 percent expansion in 2022.
In the meantime, foreign trade figures are due from Italy. The trade surplus is forecast to rise to EUR 5.2 billion in November from EUR 4.7 billion in October.
At 5.00 am ET, Eurostat publishes euro area industrial production for November. Economists expect industrial output to drop 0.3 percent on month, following a 0.7 percent decrease in October.
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NZ DOLLAR DROPS AGAINST MOST MAJORS
The New Zealand dollar weakened against most major currencies in the Asian session on Tuesday.
The NZ dollar fell to a 1-week low of 89.89 against the yen, from yesterday's closing value of 90.34.
Against the euro and the U.S. dollar, the aussie dropped to near 5-week lows of 1.7721 and 0.6160 from Monday's closing quotes of 1.7655 and 0.6199, respectively.
If the kiwi extends its downtrend, it is likely to find support around 88.00 against the yen, 1.79 against the euro and 0.60 against the greenback.
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CHINA GDP GAINS 5.2% ON YEAR IN Q4
China's gross domestic product expanded 5.2 percent on year in the fourth quarter of 2023, the National Bureau of Statistics said on Wednesday - shy of expectations for 5.3 percent but up from 4.9 percent in the third quarter.
On a seasonally adjusted quarterly basis, GDP rose 1.0 percent - in line with expectations and slowing from 1.3 percent in the three months prior.
Also, the NBS said that industrial production climbed 6.8 percent on year, beating forecasts for 6.6 percent - which would have been unchanged from the November reading.
Retail sales grew an annual 7.4 percent, missing forecasts for 8.0 percent and down from 10.1 percent in the previous month.
Fixed Asset Investment was up 3.0 percent on year, beating forecasts for 2.9 percent, which would have been unchanged.
The jobless rate in China was 5.1 percent in December versus forecasts for a steady reading of 5.0 percent.
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NZ DOLLAR RISES AGAINST MAJORS
The New Zealand dollar strengthened against other major currencies in the Asian session on Thursday.
The NZ dollar rose to a 6-day high of 90.81 against the yen and a 3-day high of 1.0692 against the Australian dollar, from yesterday's closing quotes of 90.61 and 1.0703, respectively.
Against the U.S. dollar and the euro, the kiwi edged up to 0.6137 and 1.7765 from Wednesday's closing quotes of 0.6116 and 1.7779, respectively.
If the kiwi extends its uptrend, it is likely to find resistance around 91.00 against the yen, 1.05 against the aussie, 0.63 against the greenback and 1.74 against the euro.
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YEN FALLS AGAINST MAJORS
The Japanese yen weakened against other major currencies in the Asian session on Friday.
The yen fell to more than a 1-1/2-month low of 161.62 against the euro and nearly a 2-month low of 188.62 against the pound, from yesterday's closing quotes of 161.10 and 188.22, respectively.
Against the U.S. and the Canadian dollars, the yen dropped to a 2-day low of 148.48 and more than a 2-month low of 110.06 from Thursday's closing quotes of 148.15 and 109.84, respectively.
The yen edged down to 171.00 against the Swiss franc, from yesterday's closing value of 170.64.
If the yen extends its downtrend, it is likely to find support around 164.00 against the euro, 190.00 against the pound, 151.00 against the greenback, 112.00 against the loonie and 173.00 against the franc.
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Oil Loses Altitude: How the Economic Downturn Affects the Market
Brent crude oil futures dropped by 14 cents, or 0.2%, to $79.92 per barrel by 01:25 GMT, while West Texas Intermediate (WTI) crude oil futures last declined by 10 cents, or 0.1%, to $74.66 per barrel.
Both contracts had risen by approximately 2% on Monday as a Ukrainian drone strike on Novatek's fuel terminal in Ust-Luga raised supply concerns and led to a price surge. Analysts suggest that Novatek is likely to resume full-scale operations within a few weeks.
While the damage to loading docks at the Ust-Luga terminal only "briefly impacted exports," this move increases the likelihood of the Russian-Ukrainian conflict "shifting into a new phase, with both sides targeting key energy infrastructure," stated analysts at ANZ Research in their report.
Geopolitical tensions were overshadowed by ongoing concerns about the slowdown in China's economic recovery, raising worries about global oil demand, given that the Asian giant is the world's largest crude oil importer.
China has implemented measures to support its economy, but domestic consumption remains sluggish, making oil traders nervous about demand prospects.
In the Middle East, the United States urged Israel to protect innocent people in hospitals, medical staff, and patients as Israeli forces assaulted one hospital and besieged another, advancing into the western Khan Yunis sector in Gaza.
American and British forces also conducted a new round of strikes on the Houthi rebels' underground storage and missile and reconnaissance capabilities linked to Iran.
Houthi attacks on ships in the Red Sea region have disrupted global navigation and heightened concerns about inflation. The group claims their attacks are in solidarity with Palestinians when Israel strikes Gaza.
Additionally, crude oil inventories in the United States are expected to decrease by approximately 3 million barrels by January 19. Distillate stocks were anticipated to decrease last week, while gasoline stocks are expected to increase.
Managers seem to conclude that ongoing economic growth in the United States will continue to exert pressure on prices, while the conflict in the Middle East will provide some support to prices in Europe and Asia.
Funds appear to be betting on contrasting economic outlooks between the ongoing U.S. economic growth and a protracted recession in Europe.
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Global challenges: rising oil prices in response to the Gaza crisis and data from the United States
On Thursday, oil prices surged more than 3% due to concerns about the potential expansion of conflict in the Middle East after Israel rejected a ceasefire offer from HAMAS.
The price of Brent crude oil increased by $2.42 to $81.36 per barrel, while West Texas Intermediate crude rose by $2.36 to $76.22 per barrel. As a result, the cost of Brent surpassed the $80 mark, and WTI exceeded $75 per barrel for the first time in February.
The escalation of the situation affects the rise in oil prices, with Brent and WTI prices expected to increase by more than 5% over the week.
"We are watching further developments, assessing potential consequences," said John Kilduff from Again Capital LLC, highlighting the impact of attacks by Houthi rebels supported by Iran on global oil trade.
For peace agreement discussions, HAMAS representatives arrived in Cairo, where they met with Egyptian and Qatari mediators.
A stronger-than-expected decrease in US gasoline and distillate inventories also supported oil prices.
Aker BP reported that production at the Johan Sverdrup field, the largest in the North Sea, would be maintained at 755,000 barrels per day until the end of the year, exceeding the initially planned 660,000 barrels per day.
According to UBS analyst Giovanni Staunovo, the demand for oil remains high among the largest consumers, including India and the US.
The US Department of Labor reported a decrease in unemployment claims, indicating the labor market's underlying strength.
IG analyst Tony Sycamore expressed that deflation risks in China, the world's largest crude oil importer, are pressuring global oil prices.
"The decline in oil prices in Asia is largely related to recent challenges in the Chinese stock markets and the unexpected consumer price index figure, undermining confidence ahead of the Lunar New Year," he added.
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Inflationary explosion in the US: how do the dollar and bonds react?
The consequences of high inflation are felt across the financial market. Specifically, the main Wall Street indices reacted to this news with a decrease after the publication of data indicating a higher than expected rise in consumer prices. This event pressured the expectations regarding the imminent lowering of interest rates, which in turn led to an increase in the yield of US Treasury bonds.
Among other things, the Dow Jones Industrial Average recorded its most significant drop in almost 11 months after the US Department of Labor's report showed an unexpected increase in consumer prices in January, especially due to the rise in housing costs.
Against this backdrop, market indices, which were on the rise in anticipation that the Federal Reserve System (FRS) would begin to lower rates as early as May, showed negative dynamics. The S&P 500 index, for example, closed above the 5000 point mark for the first time, and the Dow Jones index traded near record-high values. However, the publication of inflation data revised expectations regarding the FRS's policy, increasing the likelihood that rate cuts may not occur until June.
Mega-cap companies sensitive to rates, such as Microsoft, Alphabet, Amazon.com, and Meta Platforms, showed a decrease in stock prices amid the rise in yields of US Treasury bonds to a two-month high. A similar situation was observed among chip manufacturers, including Micron Technology, Qualcomm, and Broadcom, which led to a 2% drop in the Philadelphia SE Semiconductor index.
The real estate, consumer discretionary, and utilities sectors faced the most significant losses among the 11 major industry indices of the S&P 500, especially real estate, which reached its lowest values in more than two months.
Small-cap companies also felt the pressure, with the Russell 2000 index showing the most significant daily drop since June 2022.
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Intraday Price Movement of Litecoin Cryptocurrency, Friday February 16 2024
If we look at the 4-hour chart of the Litecoin cryptocurrency, we can see a Bearish 123 pattern followed by the apperance of a Bearish Ross Hook (RH) pattern and a Rising Wedge pattern, all of which confirms that in the near future Litecoin has the potential to weaken down to level 68.16. If this level is successfully broken downwards then Litecoin will have the potential to continue weakening to level 66.45, but if on its way down there suddenly occurs an upward correction which breaks above level 72.93 then all the decline scenarios that have been described previously will automatically cancel themselves.
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