Daily analytical report (30/08/18)

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Alpari Market Review
Alpari Market Review

NZDUSD bounced from a very important resistance created by the mid-term horizontal line and the correction equality pattern. The bounce was done with style, as the price created a double top formation. The path towards new lows is all clear.

GBPUSD reached a combination of two super important resistances. The first one is the mid-term downwards trend line, which is connecting recent lower highs, and the second one is the long-term horizontal line, which previously worked 4 times as a support. However, the fact that we are here is not enough to sell. I recommend waiting for the bearish price action first.

USDJPY broke the upper line of the sideways trend and a mid-term horizontal resistance, thus sending the buy signal. Currently, we have a bearish correction, however it should end soon. Sentiment remains positive.

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