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Daily analytical report (21/03/17)

  • EURUSD attacks the long-term neckline of the large iH&S formation that can be seen on the daily chart. Buyers seem strong and determined but for the proper buy signal we need to see the price above the horizontal resistance at 1.085.
  • AUDUSD is also trying to pull the iH&S formation. The buying pressure is very high and the price stopped below an important long-term resistance. This can be a good place for taking profits but it looks just like a short stop and not a reversal point. 0.774 should be broken soon.
  • AUD is stronger not only against USD but in the pair with NZD too. Here we already broke the long-term down trendline and the buy signal is present. What is more, the price is creating a very nice uptrend in the lower timeframes where we can spot three good-looking flags. Previous two resulted with an upswing. We are still waiting for the third one to show us the direction, most probably up.

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