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Daily analytical report (10/05/17)

  • Downswing on the EUR accelerated a little bit after the first two days of this week. On many pairs with the EUR we have weekly lows and we are entering some mid-term bearish sentiment. With those movements we can see few interesting occasions, especially on the pairs with the AUD and NZD.
  • First, we will start with the EURAUD, where the recent upswing was very steep. Now it looks like the time for a correction has finally come. Fundamentally, the correction is triggered by two shooting stars on the D1 chart. The closest support is the 1.459 and we should get there soon.
  • Second setup can be found on the EURNZD, where the price created a double top formation and failed to stop on the 1.576 support. We are clearly aiming for the neckline (blue) to test it as the closest support for the current mid-term bullish sentiment.
  • When speaking about the NZD, we have a bullish reversal on the NZDCHF. There was a chance for the supply yesterday to start a nice bearish movement using the mid-term down trendline and the horizontal resistance on the 0.692. Sellers failed to defend this level and the price managed to break that area triggering a buy signal.

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