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Technical Outlook August 19, 2016

19 August 2016
EURUSD

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EUR/USD continued its positive dynamics regardless a weak Eurozone inflation data and ECB aspiration to monetary policy easing. The currency pair growth is influenced mostly by the weakness of the US dollar as the situation with interest rates rise in USA is unclear. The price did not reach the balance line and there was no opportunity to buy from the MA55. However, if you still hold your previous long trades, you could get some additional profit. Today we expect weak dynamics as there is no important data.

There is no trend on the Weekly chart as the price is balancing around the MA55. Trend lines were broken through and if the price holds on those levels, there is a probability of growth towards 1,15000 in the upcoming weeks.

The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We expect some correction or flat trading today and advise to avoid trading.



GBPUSD

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GBP/USD rallied on the better than expected UK Retail Sales data. There was no opportunity to buy from the MA55 as the price did not go there anymore. We expect weak dynamics today as there is no important data to be released.

There is the downtrend on the Weekly chart as the price is below the MA55. GBP/USD met a serious resistance and it may resume its downside tendency.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We expect a correction or a flat trading today. It is better to avoid trading in this case.



AUDUSD

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AUD/USD traded in both directions yesterday regardless the USD decline and Oil prices growth. The currency pair continues to trade within a very large range approaching a very important obstacle on the Weekly chart. AUD/USD declined to a lower side of the range today in the morning. We advise to avoid trading on Friday.

The uptrend is still in progress on the Weekly chart as the price is above the MA55. The currency pair reached the goal at the main trendline and then reversed. We expect this dynamics to continue this week.

There is no trend on the Hourly chart as the MA-channel is horizontal although the price is below the MA55. It is better to avoid trading on Friday.



USDCHF

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USD/CHF declined in the last minutes of Thursday and crossed an important support line on the Weekly chart (it broke through the trendline). If the currency pair ends the week below the trendline, there is a probability of further decline during a couple of weeks.

There is no trend on the Hourly chart as the price is fluctuating around the MA55. We predicted fluctuations last week and we expect USD/CHF to move in the opposite direction this week.

There is the downtrend on the Hourly chart as the MA-channel looks downwards and the price is below the MA55. We advise to avoid trading today.

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