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Daily analytical report (21/11/17)

  • The correction on the EURUSD gathers pace. The price didn’t stop at the 38.2% and 1.1730. We are clearly aiming for the 50% Fibonacci along with the upper line of the recent big flag formation. As long as we stay above the neckline (green area), the sentiment is still positive, but the situation for the buyers is not as comfortable as it was few days ago.
  • Oil is still above 55.10 USD/oz and the buy signal is still with us. As long as we stay above this area, buyers have higher chances of mid-term success.
  • AUDJPY recently broke two important supports: an upwards trend line and a horizontal one around 85.8. Now it’s time to test 85.5 as the closest resistance. Along with the horizontal area, we have a mid-term downwards trend line and a potential correction equality pattern. Some bearish price action around this area could provide an excellent selling opportunity.

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