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Daily analytical report (07/09/17)

  • There isn’t much time to digest yesterday's move by the BoC as today we have the ECB meeting and Mario Draghi’s press conference and all eyes are now on these. Most of the instruments on the market are continuing their recent trends. Precious metals are climbing higher and USD is going down. One of the few exceptions is, for example, DAX, which is bravely climbing higher, ending mid-term bearish correction.
  • DAX broke the upper line of the wedge and the crucial resistance at 12300. With that on board, the upswing looks legitimate and sustainable.
  • CADJPY is our proposal for trading on the interest rate hike instead of the oversold USDCAD. Here, the upswing broke the neckline of the long-term iH&S formation which can be perceived as a strong bullish sign.
  • EURGBP is waiting for the decision inside a wedge, which is correcting the recent upwards trend. Sentiment is positive but regardless of technical analysis, direction will be determined by the ECB.

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