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Daily analytical report (21/12/17)

  • After triggering major sell signal on the 5th of December gold went significantly lower but in the last few days we have had a bullish correction which aimed the previous broken support. Why are we talking about correction and not  reversal? Well, the upswing is shaped like a wedge so it promotes the further drop. Yesterday and today, the price tested the 38,2% Fibonacci. Those tests resulted in a bearish bounce so we may be witnessing the end of the correction and comeback to the downwards trend.
  • Another one is the EURJPY, which has finally escaped from the sideways trend taking place here since September. The price broke the major resistance yesterday and today's candle is making higher highs and lows which is positive and confirms bullish movement.
  • Last instrument is the AUDUSD, where we do have pennant formation after major upswing. Pennant is a trend continuation pattern, so it should result in upswing, but for a proper trading signal we have to wait for the breakout.

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