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Technical Outlook August 12, 2016

12 August 2016
EURUSD

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EUR/USD traded in ascending direction during yesterday’s sessions. An important US data is to be published today. It may influence expectations on future Interest Rates increase. It is to notice, that on the eve of this important US data expectations on Rates increase during this year grew up to 50%.

The neutral trend is in progress on the Weekly chart as the price is fluctuating around the MA55. There is a probability of growth towards the trendline with further attempts to break it through.

The uptrend is progressing on the Hourly chart as the MA-channel goes upwards although the price is below the MA55. We advise to open trades only after US data. We also recommend opening short trades on strong US data and vice versa. You may trade from the MA55 balance line as well.


GBPUSD

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GBP/USD offered some opportunities to open short trades yesterday from the MA55. The price went down for more than 600 pips. The currency pair dynamics depends on the US Retail Sales data today.

There is the downtrend on the Weekly chart as the price is below the MA55. GBP/USD attempted to reverse last week. However, the Bank of England Monetary Policy Committee’s decision and US data provoked the downside tendency.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to open trades only after the US data. You may try to open short trades on strong US Retail Sales stats and vice versa. You may also trade from the MA55 balance line.


AUDUSD

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AUD/USD slides down and long trades have no reason. However, the MA-channel still indicated the uptrend. The currency pair dynamics today will mostly depend on the US Retail Sales data.

There is still the uptrend on the Weekly chart as the price is above the MA55. AUD/USD closed last week in a positive area. We expect this dynamics to continue this week.

The uptrend is still in progress on the Hourly chart as the MA-channel looks upwards although the price is below the MA55. We advise to trade after the US Retail Sales data today. Open short trades if this data is stronger than expected and vice versa. You may also open trades from the MA55 area.


USDCHF

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USD/CHF goes back to the MA55 balance line creating some good potential for evening fluctuations. The direction of those fluctuations depends on the evening US Retail Sales data.

There is still no trend on the Weekly chart as the price is balancing around the MA55. A sharp change in tendency on the Hourly chart indicated a correction.

The downtrend is in progress on the Hourly chart as the MA-channel looks downwards and the price is below the MA55. We advise to open trades after the US Retail data only. If it is better than expected, you may open short trades and vice versa. You may also open trades from the MA55.

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