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Daily analytical report (09/01/19)

  • On Wednesday we have some good setups on EURJPY, AUDNZD, and GBPAUD. First up is EURJPY, where the price is meeting a great horizontal resistance. It was a crucial support in 2018 and after the flash crash is being now tested as a resistance. Today, we have a second test, which could be a great selling opportunity. However, for a proper signal we will need some bearish price action first. Once that happens, this could be an amazing opportunity with a proper risk-to-reward ratio.
  • Next up is AUDNZD, where the price is close to creating a false breakout pattern. The false breakout is above the horizontal resistance and the lower line of the giant symmetrical triangle pattern. Should the price close today below the green area, it will be a super strong long-term sell signal.
  • And last but not least is GBPAUD, where we have the third head and shoulders pattern in a row. This pair has reacted well to this formation in the past, so we can assume that it will work again. Especially, considering the price already broke the neckline and positively tested that as a close resistance. The chances of a further drop are very high.

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