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Daily analytical report (05/10/18)

  • GBPUSD's climb is being driven even higher on the rumours that the Brexit deal is very close. The first reaction on those words stopped on an important horizontal resistance, but buyers managed to break the mid-term downwards trend line. The price is now creating the right shoulder of the iH&S formation. A breakout of the neckline could bring us a proper sell signal.
  • Next up is WTI oil, which is now testing 73.8 USD/bbl as a close support. That line is crucial here as it was the long-term high from June. The price should bounce from this area, but even the breakout is unlikely to impact the overall positive sentiment here.
  • One of the strongest drops right now can be seen on AUDUSD. This is no surprise as this pair has had one of the best bearish setups in recent history. Yesterday, the price managed to break the yearly lows, which confirms the negative sentiment here. Currently, we are on the lowest levels since February 2016, and we are on well on our way to test the support on at 0.69.

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