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Daily analytical report (25/10/17)

  • Bitcoin continues its correction, which started on Monday. We are still inside the wedge and above the major upwards trend line, so the chances of the bullish breakout are much higher. In case of a breakout of the upwards trend line, the potential downswing could take us to the support at 4,900 USD.
  • Pressure on WTI oil at the 52.6 USD mark is rising. We tested that level again yesterday, and so far, the bearish bounce is very small. This might indicate that sellers are slowly abandoning this resistance and that a bullish breakout is coming.
  • AUDUSD broke a very important long-term support at 0.775, which had been respected as an S/R since August 2016. That movement was triggered by worse-than-expected CPI data from Australia. There is also an H&S pattern here, but even without breaking the neckline, the sentiment is already negative.

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