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Daily analytical report (04/10/18)

  • USD is taking no prisoners and extending gains. On the USDJPY pair, we just got the new long-term highs. What is excellent here is the correction equality pattern. This is a very rare but reliable formation. Look at those rectangles, they are showing us the most recent corrections and they are all more or less equal - around 50 pips. If we assume that this pattern will continue, we can expect a bounce on the lower line of that rectangle along with the mid-term upwards trend line.
  • Next up is bitcoin, where we have a long-term descending triangular pattern. Most recently, the price bounced from the horizontal support, created a flag, and targeted the dynamic resistance – typical movement inside of the triangle. As long as we stay below the downwards trend line, sentiment will remain negative and each new upswing should be smaller than the previous one.
  • AUDCHF is having a very clean technical setup with a strong downtrend, then a correction shaped like a flag, and the breakout of the lower line of this formation. We already have a proper trading signal here as the price broke the lower line of this formation!

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