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Technical Outlook August 16, 2016

16 August 2016
EURUSD

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EUR/USD changed its direction to the upside which may result in losses in case if you have opened short trades from the MA55. Friday’s Retail Sales data gave stronger effect to USD than Fed member Williams’ speech. There is a lot of EU and US releases today and we expect the volatility to grow.

The neutral trend holds its positions on the Weekly chart as the price is balancing around the MA55. Trendline held some previous attacks and the price may decline this week.

The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to try long trades from 1,11850.



GBPUSD

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GBP/USD declined for about 600 pips yesterday and you could open short trades from the MA55. There is an important UK CPI data today and the decline may accelerate. The currency pair bounced from the lower trendline. However, there is still the probability of retest.

The downtrend is still in progress on the Weekly chart as the price is below the MA55. The currency pair continues its downside tendency.

As for the Hourly chart, we may see the downtrend here as well as the MA-channel goes downwards and the price is below the MA55. We recommend opening short trades from the MA55 area.



AUDUSD

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AUD/USD approached to the MA55 yesterday during European session allowing traders to sell. However, further decline was short offering not more than 200 pips. Those, who opened trades had an opportunity to protect their positions by moving stops to the opening level. The last RBA meetings minutes were released today and there was nothing new to pay attention to.

There is the uptrend on the Weekly chart as the price is above the MA55. The currency pair has done all its goals (reached the trendline) and went down after. We expect this dynamics to continue this week.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55. We recommend opening short trades from 0,76900.



USDCHF

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USD/CHF formed a downside pattern and we advise to search for short trades only when the price crosses 0,97000/0,97100. The MA-channel changed its direction to downside confirming our expectations.

There is no trend on the Weekly chart as the price is balancing around the MA55. We expect current week’s fluctuations to be opposite to the last ones.

There is the downtrend on the Hourly chart as the MA-channel looks downwards and the price is below the MA55. We advise to open short trades when the price crosses 0,97000/0,97100.

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