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Daily analytical report (08/11/18)

  • Wednesday was a bit tense for the USD. During the first part of the day, we experienced a significant weakness on the part of the Greenback, and in the second half of the day we got a proper rise in the value of the American currency. Thanks to this, DXY is giving us a sweet buy signal. The price bounced from the long-term upwards trend line and denied the H&S pattern. What is more, we are very close to breaking the upper line of the wedge. Sentiment is positive.
  • A similar setup can be seen on USDCHF, where the price created the head and shoulders pattern. The neckline was broken yesterday, but now we all know that it was a false breakout. That should result in a further rise. When trading USD today, do not forget about the FOMC later this evening.
  • One of the most impressive upswings yesterday could be seen in the US session. In today's video we have the SP500, which managed to break the neckline of the iH&S formation. What is more, we additionally came back above the upwards trend line. The short-term momentum is extremely bullish, but the same happened here at the beginning of the year, so a further mid-term slide is still on the table.

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