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Daily analytical report (30/03/18)

  • Today, we have three occasions on some exotic instruments. First up is the GBPAUD pair, which created an upwards channel /wedge formation (red lines). This kind of pattern on local highs is a rather negative sign, so we were expecting a bearish breakout yesterday. That is exactly what happened and now the price is going lower. The target is 1.7980 and the chances that we will get there are very high.
  • Next up is GBPJPY, which is forming a bearish wedge. We are expecting a breakout of the lower line of this formation, which should trigger a sell signal. Why? We already broke the long-term upwards trend line and the price bounced from the mid-term resistance, so the overall sentiment is bearish.
  • NZDJPY is creating a nice inverse head and shoulders pattern on the important long-term horizontal support. This is definitely a positive sign, but for a buy signal, we need to wait for a breakout of the neckline and the mid-term downwards trend line. Only then will opening a long position be justified.

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