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Daily analytical report (29/06/17)

  • I guess that trend followers are enjoying this week’s trading. On many instruments, we are seeing movements that respect the latest mid/long-term trend. This is happening without any interference from the fundamentals as the calendar is rather empty and the central bankers that were speaking this weak were fairly predictable.
  • The cable broke the upper line of the wedge yesterday. This may trigger a buy signal especially since we’re making higher highs and higher lows today, which increases the chances of success. GBPUSD has a buy signal and is on the way to setting new yearly highs.
  • GBP can be also seen on the EURGBP where we can see a potential for a false breakout here. Buyers broke the horizontal and dynamic resistances but failed to use them as supports. We are currently testing 0.877. A breakout of this level could be lethal and should trigger a sell signal.
  • USDCAD is doing as expected after the price broke a crucial long-term support. We have just experienced a 200-pip downswing. Currently, we are close to the horizontal support and the 23,6% Fibo. That could potentially be a nice place to take some profits. Sellers should be careful.

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