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Daily analytical report (09/03/17)

  • Oil crashes. The price of the Brent goes down more than 3 dollars/bbl. What we have here is a combination of fundamentals (built-in inventories) and a technical activation of the stop loss orders below important support levels. Currently, the sentiment remains negative but a bullish correction is very likely.
  • Silver breaks down below the neckline and an important horizontal support. There was no bullish reaction on this level so we can assume that demand is very weak at the moment. With the current sentiment, it is very hard to tell where the price might pause, at least for now. The buy signal is definitely off the table right now.
  • EURAUD goes up according to the plan and we just met an important local resistance. This creates a chance for taking profit action here especially as we can see increased supply on this level. Overall mid-term sentiment remains bullish.

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