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Daily analytical report (21/08/18)

  • AUDJPY used the inverse head and shoulders pattern to come back above the long-term resistance at 80.7. Later on, the price created a flag pattern and used that to bounce from this level and climb higher, making new mid-term highs. Sentiment is once again positive.
  • Gold is climbing higher and getting closer to test first important resistance on the 23.6% Fibo. All Fibonacci levels are additionally strengthened by the recent support/resistance levels. Positive sentiment is supported by the fact that we are bouncing from the long-term upwards trend line.
  • WTI broke the neckline and the horizontal support around 66 USD/bbl. Now, we are testing these areas as a resistances. As long as we stay below, the sentiment will remain negative and we should see a further decline.
  • EURUSD used the inverse head and shoulders pattern for a bullish reversal and reached an ultimate resistance. This is the 50% Fibonacci along with the long-term neckline. Most likely, sellers will use that area to open new shorts.

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