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Daily analytical report (26/01/18)

  • Mario Draghi didn’t say anything new. His comments were similar to ones he made recently. The consensus about his statement is that the ECB president wasn’t dovish enough. This pushed EUR higher. On the EURGBP pair, this created an opportunity for a false breakout pattern. Two days ago, the price attacked the support at 0.785 (green) and it looked like a successful one. Yesterday, the price reversed and came back above that area, questioning the bearish intentions. As long as the price stays above the green area, the sentiment is positive.
  • USDCAD tried to reverse the recent drop but the price stopped right on the horizontal resistance created by the support from the 5th and 17th of January. As long as we stay below the purple area, the sentiment is negative.
  • NZDUSD launched an attack on the long-term upwards trend line and bounced off it to create another good buying opportunity. Seems like traders will quickly forget about the weaker CPI data. The chances of seeing a further upswing are currently higher than the chances of a reversal.

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