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Technical Analysis November 29, 2016

29 November 2016

EURUSD

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The currency pair was close to the upper side of the MA-channel and there was no sense to give any recommendations. However, we left Friday’s recommendations by mistake. Market participants decided to reverse the upside correction and almost all positions gained during the Asian session were lost. We advise to pay attention today at the trendline. If it holds, we think the currency pair is able to resume its upside correction. In addition, we advise to pay attention to the US GDP data which is to be released today.

There is the downtrend on the Weekly chart as the price is below the Ma55 balance line. The currency pair formed a short body candlestick and we think that growth has some further potential. The currency pair is able to reach 1,08500 despite the fact that this growth is nothing more than a correction.

The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is below the MA55 balance line. We advise to open long trades from 1,05750-1,05900. Place stop losses below the trendline.

GBPUSD

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The currency pair still shows its weakness as compared to the others. The main reason are fears that UK economy is going to decline. One of the MPC members pronounced this opinion during his speech. Those comments resulted in a downtrend. However, everything may change during the week, but investors have negative moods. Yesterday’s long trades closed with no profit. We give no recommendations today as GBP/USD is fluctuating in the opposite side from the main direction, established by the other currency pairs.

The downtrend is in progress on the Weekly chart as the price is below the MA55 balance line. We think that the currency pair is able to move towards 1,28000 and even reach this level.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to take no decisions at the moment as the situation is still unclear.

AUDUSD

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The currency pair meet some resistance at 0,75000 but still offers signals that it is able to break through this level. There is an opportunity to open long trades from here but you have to place stop loss below the MA55 balance line. It is even better to place stop losses below the trendline but in this case it will be huge. If this trade fails to bring profit, you may try to buy from the trendline on the Hourly chart.

There is no trend on the Weekly chart as the price is close to the Ma55 balance line. The currency pair failed to reach 0,71800. However, we still believe it is able to resume its downside tendency after a short upside correction.

There is still 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 MA55 balance line. Place stop losses below the curve.

USDCHF

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WE advise to search for short trades from the MA55 balance line or trend line on the Hourly chart today. It is better to sell as close to the trend line as possible in order to reduce stop loss. The volume of the position should be low as the situation on the Weekly chart is strange.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair reached 1,02000 and failed to reach the established target. We think that the currency pair is going to try to decline below the broken through trend line on the Weekly chart. The correction is going to be deeper in this case.

The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55 balance line. We advise to open short trades from the trend line area. Place stop losses above this trendline.


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