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Daily analytical report (17/06/17)

Tomasz Wisniewski
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  • This was a very eventful week, especially on Wednesday after the interest rate decision in the US and after we found out their economic projections.
  • EURUSD combined technical analysis and fundamentals. The Fed was supported by the inverse head and shoulder formation and by the correction equality pattern. Sentiment stays positive and we should see the price near the 1.0840 mark anytime soon.
  • AUDUSD also was supported by both types of market analysis. Fundamentally weaker USD after FOMC and from a technical point of view, we had a flag and iH&S - both pointing North.
  • Gold and AUDUSD are highly correlated with each other. On both instruments, we saw an upswing. On gold, we managed to come back above 1220 USD/oz, which will now be the closest support. Bullish sentiment is back on XAUUSD and we can expect that we will soon test the resistance on the 1245 USD/oz.

 

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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