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Daily analytical report (08/08/18)

  • It looks like USDCAD is ready to finish the bearish correction. The price bounced from the mid-term upwards trend line and lower line of the flag. What is more, we are still above the long-term downwards trend line. For a proper buy signal, we need to see the breakout of the red horizontal area and the upper line of the flag.
  • It looks like EURUSD is getting ready for another bearish wave. The beginning of the week was one for the bulls. They managed to pull the price higher after the bounce from the neckline. The pull-back reached the horizontal resistance and the 38% Fibo. The current candle is negative and it looks like the sellers are making another attempt to break the neckline.
  • For the past two days CHFJPY has been trying to defend the lower line of the long-term wedge. Today, sellers crushed this stronghold, which confirms the long-term sell signal created by the double top formation and two shooting stars on the weekly chart. That is potentially an awesome trade with a desirable risk-to-reward ratio.

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