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Technical Outlook August 15, 2016

15 August 2016
EURUSD

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EUR/USD had a sharp upside momentum after worse than expected US Retail Sales data. You could try to open long trades according to our recommendations. Those news could bring traders about 400 pips. However, after Fed member’s Williams speech, investors were persuaded that FOMC is to raise rates again this year. He told, that the Fed has to increase interest rates this year as it will do no harm to the US economy growth.

This week we recommend paying attention to the FOMC meeting minutes which are to be published on Wednesday.

There is no trend on the Weekly chart as the price is balancing around the MA55. Trendline resisted Bulls’ attack and we expect some price decline this week.

The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55. We recommend opening short positions from the MA55 area today..


GBPUSD

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GBP/USD traded in both directions and you could earn about 500 pips after the US Retail Sales data. US statistics was worse than expected. We advise to pay attention to the UK Labor market, Retail Sales as well as CPI y/y data this week. Those stats may have a considerable impact on the GPB/USD fluctuations.

The downtrend is in progress on the Weekly chart as the price is below the MA55. The currency pair continues its 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 short trades from the MA55 area.


AUDUSD

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AUD/USD grew on the US Retail Sales data. However, it declined a bit later. You could earn some pips on the growth. The later decline was due to the statements of the US Fed members. The currency pair may decline further on the FOMC meeting minutes.

There is the uptrend on the Weekly chart as the price is above the MA55. The currency pair reached the main trendline and went down. We expect this dynamics to continue this week.

The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We recommend opening short trades from the MA55 area.


USDCHF

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USD/CHF went down after the US Retail Sales data but restored. Today we recommend paying attention to the market crowd moods. We expect some growth according to EUR/USD fluctuations.

There is no trend on the Weekly chart as the price is fluctuating around the MA55. Last week’s fluctuations were according to our expectations. We think that this week USD/CHF will show the opposite image.

There is the neutral on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55. We advise to avoid trading today.

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