Please note a daily forex market analysis below. In this report we cover technical analysis of major currency pairs. We cover EURUSD, GBPUSD, and AUDUSD. The analysis can be used as a binary options signals strategy implemented in the short and midterm. It can be also a good analysis tool for futures and spot traders in the forex market.

EURUSD

The euro was flat against the dollar on Thursday, holding in a narrow range as investors digested mixed U.S. data. The pair traded near the key support of 1.3512 with no major volatility. Coming into Friday, it would be wise to assume that the price action will pick up on Monday onwards. Our outlook at this market remains the same – stay put or go long at the current levels.

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Binary options signals recommended:

The long positions can be established at the current levels with the stops below 1.3480.
Short/put trades can be placed after the consolidation pattern is fully formed.

GBPUSD
As we did not recommend any short positions, Cable has posted modest losses on Thursday, as the pair trades at the 1.71 line in the North American session. The pound declined against the US dollar and reversed towards the lower band of the descending channel. We expect further strength from the 1.7070 area. The GBPUSD is likely to take out new multiyear highs before the long term bearish market can be established.
Our long term bearish outlook, based on COT analysis stands firm. As of this week, commercials finally reversed the trend to sell British currency on the rising prices. It is likely that the lack of new contracts will put the downwards pressure on the pound.

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Binary options signals recommended:
LONG/CALL can be established at the levels of 1.7070. Stops to be held tight. Short positions are not recommended at the moment. Wait for more sideway movement before the clear bearish trend continued.

AUDUSD
Aussie held support at 0.9325 yesterday and found short-term names squaring positions on the rebound. We however remain cautious on risk and prefer to sell rallies to 0.9410 and 0.9465. Our outlook remains the same – wait for more consolidation before establishing new positions.

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Binary options signals recommended:
Keep open the short positions open yesterday.
Long trades can be taken at the current or lower levels.

Daily binary options summary:

We placed one position today
CALL GBPUSD @ 1.7086
The position closed the day with no fill.
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