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Daily analytical report (18/10/18)

  • Yesterday's FOMC minutes helped USD to climb higher. It also had a negative impact on stocks and commodities. The current price movements are in line with what we were writing about two days ago in the analysis about the USDJPY and DAX. Let's start with USDJPY. The bounce from the long-term upwards trend line is ON, and yesterday the price managed to break the 50% Fibo, thus giving us a buy signal. Today, we are testing that area as a support and we can see a bounce, which gives us a bullish confirmation.
  • Now let's take a look at DAX. As expected, the neckline was reached and the first contact resulted in a bounce, which confirms the negative sentiment. Sellers should be careful though, as the price tries to come back above the yellow area again. I think that potential sellers should wait a little to gain more certainty and that should happen after we see a decisive rejection of the yellow area.
  • And, last but not least is WTI oil, where the price broke the lower line of the pennant, the horizontal support, and the mid-term upwards trend line. That is definitely a sell signal, and the price should eventually reach the long-term upwards trend line around the 68 USD/bbl.

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