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Daily analytical report (16/08/18)

  • Overnight, the market received fresh data on the condition of the Australian job market. The unemployment rate dropped, which was a good sign, but the employment change was worse than expected. Overall, traders used this data to buy AUD, which is now strengthening across the market. On EURAUD, we bounced again from the horizontal resistance on the 1.571 for the third time in a row. That is a rather negative sign and we should see a further drop soon, especially now that we are inside of a bearish flag formation.
  • AUDUSD is aiming higher for the horizontal resistance marked in green. That creates a nice buying opportunity for short-term traders. The chances that we will test this area are pretty high.
  • AUDCAD is also about to test an important horizontal resistance. In addition to that, the price is about to draw a hammer on the weekly chart. The end of the week will be especially interesting on this instrument. If the price closes above the orange area, it will definitely be a strong signal to buy.

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