AUD/NZD profit target reached, remain bullish

Price has finally bounced above our support and reached our profit target perfectly. We remain bullish above 1.0385 support (Fibonacci retracement, swing low support) for a push up to 1.0438 resistance (Fibonacci retracement, horizontal overlap resistance).

RSI (34) is bouncing above our 31% support level.

Stochastic (21,5,3) is bouncing above our 6% support level.

Buy above 1.0385. Stop loss at 1.0438. Take profit at 1.0352.

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AUD/USD starting to drop nicely, remain bearish

We remain bearish below major resistance at 0.7580 (Fibonacci retracement, Fibonacci projection, horizontal overlap resistance) with price recently breaking a long term support-turned-resistance line. So we expect a strong continued drop from this level to at least 0.7447 support (Fibonacci retracement, swing low support).

Stochastic (21,5,3) remains at 92% resistance and sees bearish divergence vs price signalling a reversal which is approaching.

Sell below 0.7580. Stop loss at 0.7644. Take profit at 0.7447.

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Daily analysis of GBP/USD for January 27, 2016

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Overview

The GBP/USD pair shows more negative pressure to approach from testing the key support 1.2505, while stochastic shows clear oversold signals to form bullish momentum that we are waiting for to enable the price to rise again. In general, we will still suggest the bullish trend for today unless 1.2505 level is broken and the price holds below it. Let me reming you that our first main target is located at 1.2720. Besides, we should note that breaking 1.2505 level will push the price to visit 12.339 areas before any new attempt to rise. The expected trading range for today is between 1.2505 support and 1.2720 resistance.

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Daily analysis of USD/JPY for January 27, 2017

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Overview

The USD/JPY pair made a strong breakout of 113.97 and closed the daily candlestick above it, which stops the recently suggested negative scenario. This makes the price to recover in the short term. The main targeting is seen at 118.00. Therefore, the bullish trend will continue on the intraday and short-term basis. Please note that breaching 115.60 will form strong momentum that supports a rally towards the above-mentioned target. The bullish scenario remains valid unless 113.97 is broken and the price holds below it. The expected trading range for today is between 113.97 support and 116.00 resistance.

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