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Daily analytical report (12/05/17)

  • This was an easy week, filled mostly with correctional movements, which makes it great for the trend followers as they can jump into good trades with better prices. We prepared three mid and long-term trading setups, which may be useful in the next few trading days or even weeks.
  • The first one is the Cable, GBPUSD, where the overall trend is positive, but in the short-term, traders are correcting the recent upswing. It would be great to see the price falling a bit further to 1.275, where we have a combination of three major supports: trendline, horizontal support and the correction equality pattern. I am looking forward to seeing what the price does here.
  • The next one is the GBPCAD, where the main upswing was even stronger than on the Cable. Here we also have a correction and it would be nice to see this go a bit deeper. Our target is 1.746, where we have a correction equality pattern and a horizontal support.
  • While on the subject of correction equality patterns, we have to mention USDPLN, which has made a third one in a row! And it wasn't just a simple short-term movement but a huge 4500-pip downswing, which finished off with a beautiful bullish engulfing on the weekly chart. As far as I am concerned, according to the technical analysis – this is a strong buy.

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