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Technical Outlook August 17, 2016

17 August 2016
EURUSD

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EUR/USD grew sharply during Asian session and established new two months’ highs during European session. This rise was evoked by the better than expected Eurozone ZEW Economic Sentiment data released yesterday. There was no opportunity to open long trades according to our recommendations as the price did not correct to the necessary area. US data was disappointing and we advise to wait until today’s FOMC meeting minutes.

The neutral trend is still in progress on the Weekly chart as the price is balancing around the MA55. Trend lines were broker through and if the price is able to holds its current positions, there is a possibility of growth towards 1,15000.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to consider long trades from the MA55 if the price goes back to the curve.



GBPUSD

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There was an opportunity to enter short trades from the MA55 according to our recommendations. The price went down for about 300 points offering a possibility to move stop orders to the breakeven level. Those stops triggered and GBP/USD went upwards on better than expected UK CPI data and worse than forecasted US inflation statistics. Today we recommend paying attention to the US FOMC Meeting Minutes.

There is the downtrend on the Weekly chart as the price is below the MA55. GBP/USD is still developing the downside tendency.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to place long orders from the MA55 area.



AUDUSD

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AUD/USD moved different directions during yesterday. Short trades failed to bring some profit. Today the currency pair tries to break through the trendline on the Hourly chart. We advise to avoid trading today and wait for today’s FOMC Meeting Minutes. WE expect the situation to be more clear after that release.

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

There is the uptrend on the Hourly chart as the MA-channel goes upwards although the price is below the MA55. We advise to avoid trading AUD/USD today.



USDCHF

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USD/CHF traded according to the pattern for short positions from 0,97000/0,97100. It is time to take a pause in trading as investors wait for the FOMC Meeting Minutes release. If you have any open positions, it is the right time to close them.

The neutral trend is still in progress on the Weekly chart as the price is balancing around the MA55. USD/CHF traded according to our expectations last week. This week we expect the opposite fluctuations.

There is the downtrend on the Hourly chart as the MNA-channel looks downwards and the price is below the MA55. We recommend avoiding trading today.

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