During yesterday’s American session, the euro managed to go up to 1.30 resistance. As this level is very strong and considered as a psychological level, and as far as the quote is below this level and below the 200 EMA, it is likely to continue the downward trend in the medium term. However, in the short term we expect this pair to remain above 1.2877 fractal, therefore, we suggest buying at current levels with the goal at 1.30. Moreover, we recommend selling at this level with targets 1.2877 and 1.2599 for the medium term. On the other hand, the technical indicator is in the tricky area: if the moving average of MACD decline, we should wait a daily close above 1.30 to change our bearish outlook. We expect the signal to be confirmed during the next few days.

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The British pound is trading at the key fractal level of 1.5080, which is a strong resistance to the pair. Suggesting that yesterday’s rejected area of 1.50 (psychological level) is likely to be a recovery at least until the resistance level of 1.5335 (where sell may occur), we recommend to buy only if the price is hovers above 1.5080 in 4-hour chart with the target at 1.5080. Note that Momentum indicator is forming a rounded bottom suggesting that there may be an upside rebound for the next few days. Watch the moving average of the MACD, which, in its turn, can push the pound to the level of 1.53.

If you need personal consultation, Skype: gerardofx or contact me via e-mail: gerardo.porras@analytics.instaforex.com

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The Australian dollar is recovering after falling to 0.9590. This pair is linked to the yen due to geopolitical issues. Thus, after the yen’s recovery,  the Australian dollar gained some strength. During the early American session, this pair was trading below the 0.9760 fractal, if the pair exceeds this level and closes above, it will be a good opportunity to buy the pair with targets at 0.9920. On the other hand, a decline in the support area of the last fractal is a great opportunity to buy at low prices to wait for an upward movement for the next few days. Keep a close eye on the Momentum indicator. This pair is very oversold, because the moving average of the MACD has entered an oversold area. We are waiting for that break from the bottom up to sustain a long-term order to buy. 

If you need personal consultation, Skype: gerardofx or contact me via e-mail: gerardo.porras@analytics.instaforex.com

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