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Daily analytical report (12/01/18)

Tomasz Wisniewski
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  • Friday's calendar seems like the busiest so far in 2018. We should finally see some action on the fundamental side of the market. Today, later in the day, we’ll get the CPI and retail sales data from the US. Ahead of this data, the EURUSD pair is trying its luck and is once again aiming at the ultra-important horizontal resistance on the 1.208. It will be hard to break it now but if data will be negative for the American Dollar, we can get some help here which can result with a major bullish breakout.
  • USDCAD is doing quite the opposite. Here, the USD is stronger despite the overall trend and the candlestick from yesterday. On Thursday, we received a shooting star candlestick, which is supposed to be a negative sign for traders and an invitation to go short. As long as we stay below the head of this formation, the sentiment is still negative, but today's upswing casts some doubt on the strength of the bears in the short term.
  • GBPUSD is climbing higher, driven by the false breakout of the wedge, which we saw yesterday. A buy signal will be triggered once the price breaks the upper line of the wedge, which is very probable. Now, all eyes are on the data.
12 January, 10:22 (GMT+3)
EURUSD: price approaching the U3 line
15 January, 10:16 (GMT+3)
EURUSD: pair is overbought

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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