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Forex Technical Analysis

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Fri,16 Dec 2016

The previous day high of the pair was 0.74334 whereas previous day low was 0.7336. The price trend is showing a descending wedge trend as evident from the screenshot. For today’s opportunities there is a high probability of bullish trend breakout of descending wedge breakout. As soon as there will be a bullish wedge breakout of the wedge then long trade opportunities can be availed by setting two target profits: one at 0.74334, if there is still bullish trend continuity second target profit can be set at 0.7523 and further long trade can be continued if there is bullish trend continuity but in case of pullback counter short trade opportunities can be availed accordingly. News related to USD: housing stats will be shared today.

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Thu,15 Dec 2016

The previous day high of the pair EURJPY was 123.461 whereas previous day low of the pair was 122.127. As evident from the previous movements of the trend, the pair was following an ascending wedge pattern so technically there is a high probability of bearish trend today. The best time to go for short trade is when there is a bearish wedge breakout. in this case two target profits can be set: one at 122.127 and if there is still bearish trend second target profit can be set at 120.951, further short trade can be followed in case of bearish trend continuity but in case of pullback counter long trade opportunities can be availed accordingly. News related to EUR: Manufacturing PMI, services PMI, long term refinancing operation are due today.

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Wed,14 Dec 2016

The previous working day high of the pair EURCHF was 1.07871 whereas previous day low was 1.07346. The price trend is showing an inverted head and shoulder pattern as evident from previous movement of candles. There is a high probability of there being a bullish trend breakout of this trend line, in this long trade opportunities can be availed by setting two target profits: one at 1.07871, if there is still bullish trend continuity second target profit can be set at 2.08471 (strong resistance level with reference to daily and hourly movement of candles) and further long trade can be continued in case of bullish trend continuity but in case of pullback counter short trade opportunities can be availed accordingly. News related to EUR: French final CPI, industrial production and CHF: ZEW economic expectations,PPI are due today.

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Wed,14 Dec 2016

The previous working day high of the pair USDCAD was 1.31392 whereas previous day low was 1.31019. As evident from previous price movements, the trend is following a descending order wedge. As far as today’s analysis is concerned the best time to go for trade is when there is a bullish breakout of descending wedge and then breakout of previous high, in this case good long opportunities can be availed. In this case target profit can be set at 1.32421 (strong resistance level with reference to daily and hourly movement of candles). Further long trade can be continued in case of bullish trend continuity but in case of pullback counter short trade opportunities can be availed accordingly. News related to USD: retail sales, PPI, Industrial production, business inventories, and crude oil inventories is due today.

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