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Daily analytical report (18/07/17)

  • From a fundamental point of view, the biggest attractions came from Australia and the UK. First up were the minutes from the RBA, which gave a boost to the AUD. The second one was the CPI data from UK, which negatively influenced the GBP.
  • GBPUSD was doing great before the CPI data caused the price to decline. Currently the situation is more bearish in the short-term as we have a double top formation and a false breakout at the same time. The price could not hold above 1.3040, which opens the way to the mid-term up trend line, around 90 pips lower.
  • USDCHF, after three trend continuation patterns, is continuing its southward movement. We’re currently crashing through an important support and we cannot see any bullish reaction. With this momentum, we should get to the next one, 45 pips lower, easily.
  • Gold is using the weaker USD but we are about to test a strong-looking resistance. It’s formed from lows from the end of June and by the 38,2% Fibo. If demand for Gold is driven mostly by the weaker dollar, I don’t see any chances of a breakout here.

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