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Daily analytical report (11/08/17)

  • USD is looking weak ahead of the CPI data. The rest of the market is still under the influence of tensions mounting in the Korean Peninsula. Risk-OFF mode is still with us with stocks heading lower and safe havens like gold and CHF climbing higher.
  • EURUSD bounced off the long-term upwards trend line thorugh two hammers on the D1 chart. We also used the tops from 2015 as a local support. Not to mention we have a nice, technical wedge. That makes the sentiment positive.
  • EURAUD has broken the upper line of the bullish wedge and is aiming north. A breakout was expected as before this, the price consolidated below the resistance. A hint for price action traders: when you see such movements, the chances of a breakout increase significantly.
  • Gold broke the line connecting long-term lower highs. 1300 USD/oz is the closest target right now.

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