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GBP/USD: "Double Top" brought bears into the market

8/22/2016

 

22-8-2016-GBP-H4.png

 

There’s a “Double Top” under the 89 Moving Average. So, bears are likely going to get a support at 1.2979 – 1.2934 in the short term. However, if a pullback from this area happens, there’ll be an opportunity to have a bullish correction towards a resistance at 1.3119 – 1.3183.

 

21-8-2016-EUR-H1.png

 

The price faced a support at 1.3033, which led to the current consolidation. Therefore, the price is likely going to reach the 34 Moving Average during the day. At the same time, if a pullback from this line arrives later on, we should keep an eye on the next support at 1.3015 – 1.2979 as a possible bearish target.

 

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https://new.fxbazooka.com/analytics/10147

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https://new.fxbazooka.com/analytics/10149

8/22/2016

 

Image20160822094848001.png

 

Wave C was ended last week, so we’ve got a pullback from 6/8 Murrey Math Level (P=200). Therefore, the price is declining in wave [a]. The main intraday target is 3/8 MM Level, which could be a departure point for an upward correction.

 

Image20160822094848002.png

 

We’ve got a “Diagonal Triangle” in wave v of ©, which led to form wave i. So, there’s a possible bearish extension in wave iii. Under this circumstances, the market is likely going to reach 4/8 Murrey Math Level (P=200).

 

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Key option levels for Monday, August 22th

8/22/2016

 

EUR/USD

 

EURUSD(19).png

 

 

Main trend Short-term period Medium-term period

Neutral Bearish

Changes in the open interest + 42 856 ? - 26 548 ?

Closest resistance levels 1.1336; 1.1360/71; 1.1385; 1.1403

Closest support levels 1.1259; 1.1232; 1.1201; 1.1165

Trading recommendations

Baseline scenario Buy EUR/USD above 1.1336, with the target points at 1.1360 and 1.1385

Alternative scenario Moving below 1.1259 can be considered as a signal to sell the pair, with target at 1.1232 and 1.1201

 

GBP/USD

 

GBPUSD(18).png

 

 

Main trend Short-term period Medium-term period

Bearish Bearish

Changes in the open interest + 808 ? + 1 652 ?

Closest resistance levels 1.3108; 1.3136; 1.3168; 1.3188

Closest support levels 1.3014; 1.2995; 1.2973; 1.2947

Trading recommendations

Baseline scenario Sell GBP/USD below 1.3014, with target points at 1.2995 and 1.2973

Alternative scenario Moving above 1.3108 can be considered as a signal to buy the pair, with target at 1.3136 and 1.3168

 

USD/JPY

 

USDJPY(18).png

 

 

Main trend Short-term period Medium-term period

Bullish Neutral

Changes in the open interest + 1 349 ? + 511 ?

Closest resistance levels 100.96; 101.17; 101.42; 101.71

Closest support levels 100.13(08?); 99.88 (78?); 99.64

Trading recommendations

Baseline scenario Long USD/JPY above 100.96, with the target points at 101.17 and 101.42

Alternative scenario Moving below 100.13 can be considered as a signal to sell the pair, with target at 99.88 and 99.64

 

USD/CAD

 

USDCAD(18).png

 

 

Main trend Short-term period Medium-term period

Bullish Bullish

Changes in the open interest + 572 ? + 445 ?

Closest resistance levels 1.2913; 1.2945; 1.2987; 1.3041

Closest support levels 1.2857; 1.2837; 1.2806; 1.2776

Trading recommendations

Baseline scenario Buy USD/CAD above 1.2913, with the target points at 1.2945 and 1.2987

Alternative scenario Moving below 1.2857 can be considered as a signal to sell the pair, with target at 1.2837 and 1.2806

 

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https://new.fxbazooka.com/analytics/10149

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EUR/USD: consolidation in a range of the "Window"

8/22/2016

 

2208eurusdh4.png

 

We’ve got a “Harami” at the last high, which has been confirmed enough. Also, there’s an “Engulfing” on the nearest support level, so bulls are likely going to deliver an upward correction. As we can see on the Daily chart, here’s a “Harami” at the local maximum. If it confirms, bears will have an opportunity to push the market lower.

 

2208eurusdh1.png

 

There’re a “Tweezers” and an “Engulfing” at the last low, which both have a good confirmation. Therefore, the pair is likely going to rise during the day until any bearish pattern forms.

 

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https://new.fxbazooka.com/analytics/10154

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USD/JPY: new "Window" formed

8/22/2016

 

2208usdjpyH4.png

 

There’s a correction inside the main bearish trend. Also, we’ve got a new “Window” and a “Harami” at the local high. If this pattern confirms, there’ll be an opportunity to see a local decline towards the lower side of today’s “Window”. As we can see on the Daily chart, there’s a bullish “Harami”, so right after a local decline bulls are likely going to deliver an upward correction.

 

2208usdjpyH1.png

 

We’ve got an “Engulfing” at the local high, which has been confirmed enough. So, the price is likely going to close the last “Window” during the day.

 

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https://new.fxbazooka.com/analytics/10155

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EUR/USD & New Home Sales: Bullish potential remains alive

8/23/2016

 

Following a very quiet Monday in terms of the economic calendar, today we'll have the New Home Sales in the United States at 14:00 GMT, where the analysts are expecting a slight decline from 592K to 575K. This macro data is classified as a medium-impact catalyst for US Dollar and eventually we may see some volatile movements on the greenback, ahead of Yellen's speech at Jackson Hole Symposium due this week.

 

The technical picture for EUR/USD at H4 chart is showing a bullish trend line channel's formation, helping to boost the pair above the 200 SMA. The next resistance is placed at the 1.1347 level, where a breakout should push it to test the 1.1406 level, in case that the New Home Sales came worst-than-expected. By another hand, if the EUR/UD does a pullback at the current stage, then the next support is located at the 1.1240 level.

 

EURUSDH4(17).png

 

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https://new.fxbazooka.com/analytics/10156

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EUR/USD: bulls going to deliver new high

8/23/2016

 

23-8-2016-EUR-H4(1).png

 

There’s a “V-Bottom” pattern, which led to the current upward price movement, so yesterday’s “Breakaway Gap” has been closed. Despite of a resistance at 1.1324, the market is likely going to reach the next resistance at 1.1381 – 1.1398. If a pullback from this area happens, there’ll be an opportunity to have a decline towards a support at 1.1324 – 1.1282.

 

23-8-2016-EUR-H1.png

 

The price has been rising since a “V-Bottom” pattern formed at the local low. So, bulls are likely going to get a resistance at 1.1381 – 1.1398. However, if buyers be stopped here, then bears will probably try to deliver a local correction.

 

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https://new.fxbazooka.com/analytics/10159

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GBP/USD: "Pennant" highlights increasing bullish pressure

8/23/2016

 

23-8-2016-GBP-H4(1).png

 

We’ve got a “Double Bottom” pattern above a support at 1.3015, so the price reached a resistance at 1.3183. In this case, bulls are likely going to achieve a resistance at 1.3214 – 1.3247 in the short term. If a pullback from these levels be on the table, then a bearish correction becomes possible.

 

23-8-2016-GBP-H1.png

 

There’s a consolidation above a support at 1.3119. Also, there’s a “Pennant” pattern, so the pair is likely going to get a resistance at 1.3214 – 1.3247. At the same time, if we see a pullback from this area, there’ll be an opportunity to have a correction in the direction of the nearest support at 1.3119 – 1.3092.

 

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https://new.fxbazooka.com/analytics/10160

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EUR/USD: wave v of © is on the way

8/23/2016

 

Image20160823092643001.png

 

Bulls have came back into the market. It’s likely that yesterday wave iv was formed, so the price is currently rising in wave v of ©. Therefore, buyers are going to break wave’s 3 high very soon. The main intraday target is 7/8 Murrey Math Level (P=200).

 

Image20160823092643002.png

 

As we can see on the one-hour chart, there’s a zigzag in wave iv. Also, we’ve got an upward impulse in wave [1], which confirms the beginning of wave v of ©. So, the next bullish target is +1/8 Murrey Math Level (P=200), which could be a departure point for wave [4].

 

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https://new.fxbazooka.com/analytics/10162

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EUR/USD: returning to positive area

8/23/2016

 

Technical levels: support – 1.1305, 1.1270; resistance – 1.1330, 1.1360, 1.1450.

 

Trade recommendations:

 

1. Buy — 1.1310; SL — 1.1290; TP1 — 1.1360; TP2 – 1.1450.

 

Reason: bullish Ichimoku Cloud, rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen.

 

01-eurusdh4(26).png

 

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https://new.fxbazooka.com/analytics/10164

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AUD/USD: the Bulls are active

8/23/2016

 

Technical levels: support – 0.7615, 0.7590; resistance – 0.7650, 0.7680.

 

Trade recommendations:

 

1. Buy — 0.7620; SL — 0.7600; TP1 — 0.7680; TP2 — 0.7720.

 

Reason: a weak dead cross of Tenkan-sen and Kijun-sen; bullish Ichimoku Cloud; strong support of Senkou Span B.

 

03-audusdh4(10).png

 

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https://new.fxbazooka.com/analytics/10165

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USD/JPY: the Bears are coming back

8/23/2016

 

Technical levels: support – 100.00; resistance – 100.40.

 

Trade recommendations:

 

1. Sell — 100.00; SL — 100.20; TP1 — 99.00; TP2 — 98.50.

 

Reason: a bearish Ichimoku Cloud; a new irregular golden cross of Tenkan-sen and Kijun-sen; a strong resistance of Senkou Span A.

 

04-usdjpyh4(14).png

 

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https://new.fxbazooka.com/analytics/10166

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Key option levels for Tuesday, August 23th

8/23/2016

 

EUR/USD

 

EURUSD(20).png

 

 

Main trend Short-term period Medium-term period

Bullish Bearish

Changes in the open interest + 43 258 ? + 17 840 ?

Closest resistance levels 1.1360; 1.1384; 1.1402; 1.1426

Closest support levels 1.1319; 1.1298(82?); 1.1261; 1.1234

Trading recommendations

Baseline scenario Buy EUR/USD above 1.1360, with the target points at 1.1384 and 1.1402

Alternative scenario Moving below 1.1319 can be considered as a signal to sell the pair, with target at 1.1298 and 1.1261

 

 

GBP/USD

 

GBPUSD(19).png

 

 

Main trend Short-term period Medium-term period

Bullish Bearish

Changes in the open interest + 695 ? + 386 ?

Closest resistance levels 1.3175; 1.3199; 1.3236; 1.3260

Closest support levels 1.3126; 1.3101; 1.3072

Trading recommendations

Baseline scenario Long GBP/USD above 1.3175, with the target points at 1.3199 and 1.3236

Alternative scenario Moving below 1.3126 can be considered as a signal to sell the pair, with target at 1.3101 and 1.3072

 

 

USD/JPY

 

USDJPY(19).png

 

 

Main trend Short-term period Medium-term period

Neutral Neutral

Changes in the open interest + 449 ? + 201 ?

Closest resistance levels 100.92; 101.12; 101.37; 101.66

Closest support levels 99.86; 99.55; 99.34; 99.09

Trading recommendations

Baseline scenario Short USD/JPY below 99.86, with target points at 99.55 and 99.34

Alternative scenario Moving above 100.92 can be considered as a signal to buy the pair, with target at 101.12 and 101.37

 

 

USD/CAD

 

USDCAD(19).png

 

 

Main trend Short-term period Medium-term period

Neutral Bullish

Changes in the open interest + 198 ? - 448 ?

Closest resistance levels 1.2967(80?); 1.3001; 1.3033; 1.3075

Closest support levels 1.2893; 1.2863; 1.2822; 1.2771

Trading recommendations

Baseline scenario Sell USD/CAD below 1.2893, with target points at 1.2863 and 1.2822

Alternative scenario Moving above 1.2967 can be considered as a signal to buy the pair, with target at 1.3001 and 1.3033

 

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https://new.fxbazooka.com/analytics/10167

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EUR/USD: "Window" going to act as a support

8/23/2016

 

2308eurusdh4.png

 

There’s a possible “Shooting Star” at the local high. If it confirms, there’ll be an opportunity to have a decline towards yesterday’s “Window”. As we can see on the Daily chart, the last “Harami” pattern hasn’t been confirmed enough, so right after a local correction, bulls are likely going to deliver a new high.

 

2308eurusdh1.png

 

We’ve got an “Engulfing” at the last high. If this pattern confirms, sellers are likely going to test the previously formed “Window”. However, if a pullback from the “Window” happens, bulls will be free to move on.

 

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https://new.fxbazooka.com/analytics/10176

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USD/JPY: correction inside the trend

8/23/206

 

2308usdjpyH4.png

 

There’s a still correction inside the current bearish trend. We’ve got a “Hammer” at the local low, but it hasn’t been confirmed yet. So, there’s an opportunity to have a test of the 13 Moving Average once again. As we can see on the Daily chart, the last “Harami” hasn’t been confirmed yet. Therefore, the market is likely going to falling down until any bearish pattern arrives.

 

2308usdjpyH1.png

 

The last “Window” has been closed, but we’ve got a confirmed “Hammer” at the local low. So, bulls are likely going to reach the 55 Moving Average during the day. If a pullback from this line happens, bears will probably try to move on.

 

More:

https://new.fxbazooka.com/analytics/10177

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EUR/GBP ahead German GDP Q2: Will we see corrective rebounds?

8/24/2016

 

Today at 06:00 GMT will be released the German GDP Q2, where the markets are expecting an unchanged number from Q1 2016 data. This should bring some medium to high volatility during the early European session, especially on the EUR pairs and in case that we should see a higher-than-expected number, but for now, the chances are still low to that happen in coming release.

 

Our technical outlook for EUR/GBP at H1 chart is calling for more downside, but before any declines, we should see some corrective moves to the upside, as the pair is near to the lower band of bearish trend line channel. Around that, a rebound can happen towards the 0.8650 on a first degree. However, if bears gain momentum in coming days, the EUR/GBP can test the 61.8% Fibonacci retracement zone at the 0.8488 level.

 

EURGBPH1(1).png

 

More:

https://new.fxbazooka.com/analytics/10178

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EUR/USD: bulls showed weakness

8/24/2016

 

On the daily EUR/USD chart the bulls for the second time tried to test important convergence area near 1.1345 (161.8% of AB=CD target, 61.8% of the last medium-term bearish wave and the lower border of the long-term bullish channel) failed. This means that the buyers are weak. Traders should expect the euro to weaken.

 

Screenshot_2016_08_24_07_21_21.png

 

On H1 EUR/USD formed a combination of "Three Indians" pattern and 1-2-3. If the bears manage to settle below the lower border of the bullish trend channel and pull the prices below 1.129, the risk of decline towards 1.1233-1.1244 and then to 1.117 will significantly increase.

 

Screenshot_2016_08_24_07_21_03.png

 

More:

https://new.fxbazooka.com/analytics/10179

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AUD/USD: testing the lower boundary of the Cloud

8/24/2016

 

Technical levels: support – 0.7590; resistance – 0.7640, 0.7680.

 

Trade recommendations:

 

1. Buy — 0.7590; SL — 0.7570; TP1 — 0.7680; TP2 — 0.7720.

 

Reason: a weak dead cross of Tenkan-sen and Kijun-sen and narrowing channel of Tenkan and Kijun; bullish Ichimoku Cloud; strong support of Senkou Span B.

 

03-audusdh4(11).png

 

More:

https://new.fxbazooka.com/analytics/10181

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USD/JPY: 100.00 stopped the Bears again

8/24/2016

 

Technical levels: support – 100.00; resistance – 100.40.

 

Trade recommendations:

 

1. Sell — 100.40; SL — 100.60; TP1 — 99.00; TP2 — 98.50.

 

Reason: a bearish Ichimoku Cloud; the cancelled golden cross of Tenkan-sen and Kijun-sen; a strong resistance of Senkou Span A.

 

04-usdjpyh4(15).png

 

More:

https://new.fxbazooka.com/analytics/10182

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Key option levels for Wednesday, August 24th

8/24/2016

 

EUR/USD

 

EURUSD(21).png

 

 

Main trend Short-term period Medium-term period

Neutral Bearish

Changes in the open interest + 62 208 ? + 111 514 ?

Closest resistance levels 1.1328; 1.1352(67?); 1.1388; 1.1414

Closest support levels 1.1273; 1.1254; 1.1230; 1.1200

Trading recommendations

Baseline scenario Short EUR/USD below 1.1273, with target points at 1.1254 and 1.1230

Alternative scenario Moving above 1.1328 can be considered as a signal to buy the pair, with target at 1.1352 and 1.1388

 

 

GBP/USD

 

GBPUSD(20).png

 

 

Main trend Short-term period Medium-term period

Bullish Bearish

Changes in the open interest + 1 505 ? + 356 ?

Closest resistance levels 1.3222; 1.3240; 1.3268; 1.3287

Closest support levels 1.3159; 1.3131; 1.3112; 1.3089

Trading recommendations

Baseline scenario Buy GBP/USD above 1.3222, with the target points at 1.3240 and 1.3268

Alternative scenario Moving below 1.3159 can be considered as a signal to sell the pair, with target at 1.3131 and 1.3112

 

 

USD/JPY

 

USDJPY(20).png

 

 

Main trend Short-term period Medium-term period

Neutral Neutral

Changes in the open interest + 939 ? + 831 ?

Closest resistance levels 100.84; 101.04; 101.30; 101.60

Closest support levels 99.94; 99.56; 99.35; 99.11

Trading recommendations

Baseline scenario Long USD/JPY above 100.84, with the target points at 101.04 and 101.30

Alternative scenario Moving below 99.94 can be considered as a signal to sell the pair, with target at 99.56 and 99.35

 

More:

https://new.fxbazooka.com/analytics/10185

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EUR/USD: "V-Top" points to possible bearish movement

8/24/2016

 

24-8-2016-EUR-H4.png

 

The price hasn’t broken the last high. Also, there’s a “V-Top” pattern under a resistance at 1.1349, so the market is likely going to decline towards a support near the local uptrend. However, bulls will probably try to reach a resistance at 1.1349 – 1.1365 afterwards.

 

24-8-2016-EUR-H1.png

 

We’ve got a “Double Top”, which has been confirmed, so the price is falling down. Therefore, bears are likely going to get a support at 1.1268 – 1.1253 during the day. If a pullback from this area happens, there’ll be an opportunity to have an upward movement in the direction of a resistance at 1.1324 – 1.1349.

 

More:

https://new.fxbazooka.com/analytics/10186

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GBP/USD: "Double Top" highlights possible decline

8/24/2016

 

24-8-2016-GBP-H4.png

 

The price found a resistance at 1.3214, which stopped bullish rally. So, the market is likely going to decline, so we should keep an eye on the nearest support at 1.3119 – 1.3092. However, if we get a pullback from this area, there’ll be a chance to see a bullish movement towards a resistance at 1.3214 – 1.3247.

 

24-8-2016-GBP-H1.png

 

There’s a consolidation under a resistance at 1.3214. So, we’ve got a “Double Top” pattern, which has been confirmed enough. In this case, it’s likely to see a decline towards a support at 1.3119 – 1.3092 during the day. At the same time, if a pullback from these levels be on the table, bulls will probably try to deliver a local correction.

 

More:

https://new.fxbazooka.com/analytics/10187

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EUR/USD: bears going to form impulse wave

8/24/2016

 

Image20160824112918001.png

 

We’ve got a possible truncated wave v of ©, so there’s an opportunity to have a downward impulse in wave i. The main intraday target is 4/8 Murrey Math Level (P=200). If we see a pullback from this level, bulls will probably try to deliver wave ii.

 

Image20160824112918002.png

 

As we can see on the one-hour chart, there’s a double pullback from 8/8 Murrey Math Level (P=200). Also, we’ve got a bearish impulse in wave [1], so the market is likely going to decline in wave [3] shortly. Under this circumstances, we should keep an eye on 3/8 MM Level as a possible bearish target.

 

More:

https://new.fxbazooka.com/analytics/10188

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EUR/USD: market is sucked into correction bog

8/24/2016

 

2408eurusdh4.png

 

There’s a downward correction inside the main bullish trend on the four-hour chart. The last candles are bearish and there isn’t any bullish pattern so far, which makes possible an achievement of the 34 Moving Average. As we can see on the Daily chart, there’s a bearish “Harami”. If it confirms, bears are likely going to push the market lower.

 

2408eurusdh1.png

 

The price hasn’t found a lodgement under the “Window” yet. So if any bullish pattern arrives in the short term, there’ll be an opportunity to see an achievement of the 21 & 34 Moving Averages.

 

More:

https://new.fxbazooka.com/analytics/10189

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USD/JPY: "Window" going to act as a resistance

8/24/2016

 

2408usdjpyH4.png

 

We’ve got a “Hanging Man” on the 13 Moving Average, which has been confirmed strongly. So, the market is likely going to continue falling down. As we can see on the Daily chart, the last “Harami” pattern at the local low is still unconfirmed. Therefore, bears are probably going to reach the nearest “Window” soon.

 

2408usdjpyH1.png

 

There’re a “Harami” and a “Doji”, which both have a confirmation. Also, there’s an opportunity to have a local upward correction because of the last bullish “Harami”. However, if a pullback from the 34 Moving Average happens, bears are likely going to move on.

 

More:

https://new.fxbazooka.com/analytics/10190

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