Daily analytical report (25/10/18)

  • Today, we're expecting the ECB's rate decision, so it might be a good idea to stay away from the common European currency. That is why I have two setups with JPY. First up is USDJPY, where the price created a head and shoulders pattern but failed to break the neckline. It was not easy though. The neckline was on the long-term upwards trend line. Thanks to this bounce we have positive sentiment.
  • Quite the opposite can be seen on NZDJPY, where we still have a negative situation. Here, the price managed to break the neckline. Today's upswing is just a normal pull-back, which will test the recent support as a resistance. As long as we are below the neckline, the sell signal is on.
  • So, we can't help but mention EURGBP, especially with a setup like this one. EURGBP bounced from a horizontal resistance and the mid-term downwards trend line. This was done with a flag pattern and a double top formation. That is enough to go short here!

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