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Daily analytical report (15/09/17)

  • A few days ago, we said that markets are likely to ignore the news from the North Korea as the chances of a real conflict are rather low and the thing is that we cannot focus our attention on one issue for too long. We saw proof of that today, when markets completely ignored a new missile launch in Korea, keeping in mind that the previous missile that flew over Japan caused risk off mode across the globe.
  • DAX is in positive territory, being locked inside the ascending triangle pattern. That is a bullish formation, so the chances of an upswing are much higher.
  • The bitcoin carnage continues. It’s time for a correction, but according to the graph of a typical bubble, that will be just a bull trap, so be extra careful when catching a falling knife.
  • USDCAD broke the lower line of the flag in the downtrend. In every book about trading, that would be an example of a legitimate sell signal.
  • The US dollar index bounced from a horizontal resistance creating the same correction for the third time in a row and a false breakout of the downwards trend line. That is a very negative sign for local buyers.

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