EUR/USD traded in a tight range yesterday approaching to the MA55 balance line. US PMI data was worse than expected. As for EU statistics, it was better than forecasted. We expect EUR/USD to grow during the day.
Neutral trend is in progress on the Weekly chart as the price is fluctuating around the MA55. EUR/USD closed last week with a huge growth and we expect this positive dynamics to continue.
AS for the Hourly chart, there is the uptrend here as the MA-channel goes upwards and the price is above the MA55. We advise to open long trades fr om the MA55 area.
GBP/USD broke through the trendline. Our long trades recommendations were cancelled. If you opened any long positions, it is better to close them now. Upside potential is too weak as UK data was worse than expected. Today we advise to pay attention to the UK construction sector data. This stats may lim it the upside tendency.
The downtrend is still actual for the Weekly chart as the price is below the MA55. However, GBP/USD may do some growth attempts after weak US Labor market data, published on Friday.
AS for the Hourly chart, there is the uptrend here as the MA-channel looks upwards and the price is close to the MA55. It is better to avoid trading at the moment.
AUD/USD went down to the balance line on the eve of the Reserve Bank of Australia meetings. According to the forecasts, RBA may cut rates. AUD/USD may have a considerable decline if it happens. Otherwise, the currency pair may resume the uptrend.
The upside tendency is still in progress on the Weekly chart as the price is above the MA55. AUD/USD crossed the trendline and close last week above it. We expect it to grow this week.
The Hourly chart shows the uptrend as the MA-chanel looks upwards although the price is below the MA55. You may try to open long trades from the MA55 area if RBA leaves rates unchanged.
USD/CHF was in tight range yesterday and restored partially. Today we advise to pay attention to Swiss PMI and Retail Sales data. You may try open short trades from the MA55.
The downtrend is in progress on the Weekly chart as the price is below the MA55. USD was under the pressure in the end of the last week and the downtrend may continue.
There is the downtrend on the Hourly chart as well as the MA-channel looks downwards and the price is below the MA55. We advise to open short trades from the MA55.