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Daily analytical report (05/12/17)

  • The hawkish RBA has given AUD a boost, creating a nice trading opportunity on the AUDUSD pair. First of all, we have a bounce from the upwards trend line. Next are the correction equality pattern and the iH&S formation. What’s more, the price came back above the 38.2% Fibonacci and used that as a closest support. All that is very positive for the AUDUSD in the mid-term.
  • NZDUSD is also using this optimism to climb higher. Here, we have a false breakout below the 0.682 support and an inverse head and shoulders formation. For a clear buy signal, we need to wait for a breakout of the neckline, which seems imminent.
  • USDCAD made a double top formation and broke the lower line of the wedge, completely scuppering ideas of an iH&S formation. The price is currently attacking the support at 1.268 and if we manage to close the day below this level, we should get a strong sell signal.

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