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Technical Outlook January 25, 2017

25 January 2017
EUR/USD

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The currency pair moved to the balance line during a correction as we had expected it previously. Today it is time to look for long trades. Yesterday’s German and France PMI Manufacturing and Service data was disappointing. We advise to pay attention to German Business Climate IFO data today. There is no important statistics from the United States and we think that this Eurozone data will be the main driver. IFO Business Climate data may result in further upside tendency if it is better than expected.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair continued its upside correction last week in a very large range. We think that it is going to continue its upside tendency in the nearest future.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is close to the MA55 balance line. We advise to open long trades from the trendline or from the MA55 balance line. Place stop losses below those indicators.


GBP/USD

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The currency pair was trading with a high volatility due to the event that was very important. British Court decided that the UK Government is unable to take any further Brexit steps without Parliament confirmation. It does not mean that Brexit is stopped or even cancelled. It means that the procedure is postponed. We gave no recommendations yesterday. However, the currency pair jumped off the MA55 balance line and moved higher for 1000 pips. You may try to open long trades today as GBP/USD is likely to continue its upside tendency.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair had an upside tendency last week and we think that GBP/USD is going to continue its growth in the nearest future.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to open long trades from the trendline or from the MA55 balance line. Place stop losses below those indicators.


AUD/USD

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The currency pair had a sharp decline yesterday as it was unable to grow. AUD/USD tried to break through a strong resistance level but failed and moved lower. We think that the currency pair has two ways at the moment – to decline further or to continue its upside correction from the broken through trendline. We give no recommendations, as there is still no clear change in a trend.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair made a pause in its upside correction last week. We think it is going to grow again in the nearest future.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is below the MA55 balance line. We advise to avoid trading today, as the situation is still unclear.


USD/CHF

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The currency pair went back towards the balance line offering the opportunity to open short trade from the MA55 balance line according to our recommendations. This downside move resulted in 300 pips allowing to take profit or to protect trades. We advise to open short trades from the trendline.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair crossed a strong support level last week. We think that USD/CHF is going to continue its decline in the nearest future.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is above the MA55 balance line. We advise to sell from the trendline. Place stop losses above this line.

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