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Daily analytical report (20/07/18)

  • Donald Trump is not thrilled about the interest rate hikes, and news of the President's criticism is likely to dominate today's headlines, as such remarks by a US directed at the Federal Reserve and their monetary policy are rare. Thus, against the backdrop of the recent comments, markets are experiencing a small earthquake and the dollar is losing value, leaving FX markets haunted by uncertainty.
  • Prior to Trump's Fed critique, EURUSD reached new monthly lows, which served as a proper sell signal. Nevertheless, thanks to Trump, it got denied. EURUSD surged higher and came back above the lower line of the triangle. The sell signal has been cancelled.
  • Gold created a second hammer in a row and a third one is being created at the time of writing. The location of the formation is not random. It is a strong historical support, which could be the start of a bigger bullish correction. On the H1 chart, we have an inverse head and shoulders pattern.
  • As EURAUD is not connected with the USD, we can have more technical movement here. The price bounced from the mid-term horizontal resistance and created a shooting star. That gives us a nice selling opportunity. The potential target is on the 50% Fibonacci.


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