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Daily analytical report (16/10/18)

  • Last week, DAX broke the long-term neckline of the major head and shoulders pattern. This week is starting with a pull-back, which is nothing surprising as this is a typical price action movement. DAX is about to test the recent broken support as a resistance. Any bearish price action there will give us a legitimate signal to go short.
  • Next up is AUDNZD, which has a proper sell signal. Technically it is all caused by the false breakout pattern above the horizontal support and the upper line of the symmetrical triangle pattern. Fundamentally, this drop is driven by the higher CPI data from New Zealand. With all this, the sentiment is negative.
  • And lastly is USDJPY, where we have a bounce from the long-term upwards trend line, which has been connecting higher lows since March. It looks cool, but we do not have a buy signal yet. This will be triggered when the price breaks the mid-term downwards trend line (red) and the 50% Fibonacci.

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