Alpari - Analytics


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Daily analytical report (05/12/17)

  • The hawkish RBA has given AUD a boost, creating a nice trading opportunity on the AUDUSD pair. First of all, we have a bounce from the upwards trend line. Next are the correction equality pattern and the iH&S formation. What’s more, the price came back above the 38.2% Fibonacci and used that as a closest support. All that is very positive for the AUDUSD in the mid-term.
  • NZDUSD is also using this optimism to climb higher. Here, we have a false breakout below the 0.682 support and an inverse head and shoulders formation. For a clear buy signal, we need to wait for a breakout of the neckline, which seems imminent.
  • USDCAD made a double top formation and broke the lower line of the wedge, completely scuppering ideas of an iH&S formation. The price is currently attacking the support at 1.268 and if we manage to close the day below this level, we should get a strong sell signal.

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    The most important event for the US dollar this week is Friday's report on employment in the non-agricultural sector. It is expected that the number of employed increased by 200 thousand, but the average salary and the unemployment rate should determine how the dollar will react and what are the investors' expectations before the decision of the Federal Reserve on monetary policy.

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