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Forex Technical Analysis

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Fri,23 Dec 2016

The previous day high of the pair AUDUSD was 0.72571 whereas previous day low of the pair was 0.71958. The pair is following a descending order wedge pattern as evident from the screenshot. As far as today’s analysis is concerned there is a high probability of bullish wedge breakout. The best time to go for long trade is when price breaks the wedge, in this case two target profits can be set: one at 0.72571, if there is still bullish trend continuity second target profit can be set at 0.73062 and further bullish trend can be continued if there is further bullish trend continuity but in case of pullback counter short trade opportunities can be availed accordingly. News related to USD: New home sales, revised UOM Consumer sentiment, revised UOM inflation expectations.

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Wed,21 Dec 2016

The previous day high of the pair EURNZD was 1.50609 whereas previous day low of the pair was 1.49894. As evident from the previous price movement the pair is following an ascending order wedge pattern. As far as today’s analysis is concerned there is a high probability of the pair to follow the bearish trend. The best time to go for trade is when there is a bearish wedge breakout and to be more secure when price breaks the previous low then short trade opportunities can be availed by setting target profit at 1.48236 (strong support with reference to daily and hourly movement of candles) and further short trade can be followed if there is going to be bearish trend continuity but in case of pullback counter long term trade opportunities can be availed accordingly. News related to EUR: consumer confidence and Belgian NBB Business Climate is due today.

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Tue,20 Dec 2016

The previous day high of the pair EURUSD was 1.048 whereas previous day low was 1.039. As evident from the screenshot the previous movement of the pair is showing firstly a descending wedge pattern and secondly there is extreme consolidation of the price trend between previous high level and previous low level. As far as today’s analysis is concerned there is high probability of bullish trend but the best time to go for long trade is when there is a bullish wedge breakout, in this case two target profits can be set: one at 1.048, if there is still bullish trend continuity second target profit can be set at 1.06554 and further long trade can be followed if there is bullish trend continuity but in case of pullback counter short trade opportunities can be availed. News related to EUR: German PPI, Current Account is due today.

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Mon,19 Dec 2016

The previous working day high of the pair EURNZD was 1.502 whereas previous working day low of the pair was 1.4777. The trend is showing an ascending order wedge pattern as evident from the screenshot of the pair so for today there is a high probability of bearish trend. The best time to go for trade is when there is a bearish wedge breakout then two target profits for short trade can be set: one at 1.4777, if there is still bearish trend continuity second target profit at 1.46804 (strong support level with reference to daily and hourly movement of candles) and further short trade opportunities can be availed if there is bearish trend continuity but in case of pullback counter long trade opportunities can be availed accordingly. News related to EUR: German Ifo business climate, German Buba monthly report are due today.

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