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Daily analytical report (07/08/18)

  • USDJPY is still under the influence of the inverse head and shoulders pattern, which in the last week resulted in a nice buy signal. Currently, we have a correction, but this is a flag and encourages a breakout of its upper line. The green support is crucial here. As long as we are above, the buy signal is on.
  • EURAUD finally broke the lower line of the sideways trend that has lasted for the past few weeks. That is quite a sell signal, further strengthened by the RBA and their hawkish statement. The price is now drawing the right shoulder of the H&S formation. The potential for a sell signal could be huge.
  • CHFJPY is having a great pattern on the weekly chart. There is a double top formation at the resistance. There are two shooting stars, a bounce from the 38.2 % Fibonacci, and a breakout of the lower line of the wedge. That could be a strong sell signal!

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