Forex trading! S: support.adamantfinance M: info@adamantfinace.com Registration
Analytics Technical analysis

Technical Outlook August 1, 2016

01 August 2016
EURUSD

01_08_2016_eur.jpg

EUR/USD continued its growth on Friday without reaching the MA55 balance line. There was almost no opportunity to enter long trades. USD lost its positions after a weak Prelim GDP data (2nd quarter). This data will surely have a significant impact on the future FOMC members decisions. USD is under pressure at the moment. Today we advise to pay attention to Eurozone and US manufacturing PMIs.

There is no trend on the Weekly chart as the price is fluctuating around the MA55. We have seen a considerable growth last week and the currency pair may have positive dynamics during next five days.

The uptrend is still in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. It is better to avoid trading at the moment as the price is close to the upper side of the MA-channel.


GBPUSD

01_08_2016_gbp.jpg

GBP/USD resumed growth offering an opportunity to open long trades from the MA55 for those who did not do it previously. US data had a considerable impact on GBP/USD on Friday which resulted in a 1300 points rally from the MA55. Today we advise to pay attention to UK and US manufacturing PMI data.

There is the downtrend on the Weekly chart as the price is below the MA55. We expect some attempts to grow after negative US Prelim GDP data, published on Friday.

The uptrend is established on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. You may try long trades from the MA55.
 

AUDUSD

 01_08_2016_aud.jpg

AUD/USD traded in both direction in the first half of last Friday. However, it rallied during American session because of the negative US Prelim GDP Q/Q data. There was an opportunity to enter long trades from the MA55. The potential of those trades was about 1000 points. In addition, today’s strong Australian data offers some more opportunities for AUD/USD to resume growth.

There is the uptrend on the Weekly chart as the price is above the MA55. The currency pair crossed the trendline and closed last week above it. AUD/USD may resume its growth this week.

There is the uptrend on the Hourly chart as the MA-channel looks upwards and the price is above the MA55. It is better to avoid trading at the moment as the price is close to the upper side of the MA-channel.
 

USDCHF

01_08_2016_chf.jpg

USD/CHF is in downtrend at the moment and the tendency is progressing. There is no opportunity to open trades as the price is close to the lower side of the MA-channel. Today USD/CHF may restore and gain back some positions.

The downtrend is in progress on the Weekly chart as the price is below the MA55. USD is under pressure and USD/CHF may continue to decline during the current week.

There is the downtrend on the Hourly chart as the MA-channel looks downwards and the price is below the MA55. It is better to avoid trading today.

Back to analytics