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Technical Outlook August 11, 2017

11 August 2017

EURUSD

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The currency pair declined yesterday after the Asian session according to our expectations. There was no sense to open trades during the American session as EUR/USD moved downwards for 500 pips during the day. The currency pair is trying to reverse its tendency currently as it has broken through the trend line. The main event for today is the US Inflation data.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair was trading according to our expectations last week and developed its growth. We think that the currency pair is likely to decline in the next couple of days. The main reason for this is the Friday’s US Labor Market and Average Hourly Earnings data.

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

GBPUSD

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The currency pair is fluctuating within a tight range currently. We think that it is ready to make a reverse. However, everything will depend on today’s US Inflation data. We expect the US CPI data to be worse than forecasted. USD will be under pressure again in the case. Anyway, it is better to do nothing today as the situation is unclear.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line The currency pair resumed its growth last week according to our expectations. We think that GBP/USD is likely to develop its correction in the next couple of days.

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

AUDUSD

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The currency pair approached the MA55 balance line several times but it was difficult to open trades and to take profit. Anyway, if you managed to sell, you could close your trades at breakeven level. The Reserve Bank of Australia member commented the situation today during the Asian session. He said, that the high AUD price is negative for the Australian economic development.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair developed its growth last week according to our expectations. We think that AUD/USD is likely to start its downside correction in the next couple of days.

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 avoid trading today as the situation is unclear.

USDCHF

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The currency pair developed its decline yesterday as the Swiss Franc is on demand because of the tensions between the United States and Nothern Korea. The leader of the Northern Korea announced again his wish to attack Guam island. We advise to do nothing today as the situation is unclear.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair developed its growth last week according to our expectations. We think that USD/CHF is likely to continue its upside tendency in the next couple of days.

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 avoid trading today as the situation is unclear.


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