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Daily analytical report (14/08/18)

  • Yesterday and today, EURAUD has been climbing higher, but only to test the super important horizontal resistance. EURAUD met a combination of three crucial elements. The first one is the upper line of the bearish flag formation. The second is the horizontal resistance, which previously, for many weeks, was a support. And finally, the third one is the mid-term downwards trend line. According to the price action rules, the price should continue to go down.
  • Next up is AUDJPY, where on the daily chart the price broke the crucial horizontal support. The beginning of the week is bringing us a small reversal, but in our opinion, it is just a typical pull-back, and a previous support is being tested as a close resistance. As long as we stay below the grey area, sentiment will remain negative.
  • GBPCHF is having a very strong bearish setup on the weekly and daily chart. Here, the price is coming back to the main downwards trend after being locked inside of the flag pattern. We already broke the lower line of the flag and the horizontal support at 1.287. Sentiment is definitely negative.

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