EUR/USD traded according to our expectations on Friday. There was a downside correction during Asian session and then a weak dynamics after an active growth on Thursday. We advise to pay attention to the Ifo Business Climate data and Janet Yellen speech at Jackson Hole Symposium. Those events will take place on Thursday and Friday. As for the first half of this week, we expect some further correction.
The uptrend is in progress on the Weekly chart as the price is above the MA55. New week promises to be corrective after a sharp momentum, that we have seen the last week. There is a high probability of getting 1,15000 in the next couple of weeks.
There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is below the MA55. There is a probability of reverse and we do not advise to open long trades. We recommend observing the trendline. If it is broken through, the reverse will be confirmed. Then, you may consider short trades.
GBP/USD declined on Friday as result of announcements that UK is going to leave the European Union in the first half of 2017. The currency pair lost more than 1000 pips. This event was unexpected. The main statistics is to be released on Friday that is why we recommend paying attention to USD fluctuations.
There is the downtrend on the Weekly chart as the price is below the MA55. GBP/USD may decline below 1,30000 this week.
There is the uptrend on the Hourly chart as the MA-channel looks upwards, although the price is below the MA55. We expect GBP/USD to change the current tendency and we advise to avoid long trades. The breakthrough of the trendline tells us about a high probability of reverse as well as the current pattern. You may try short trades from the current levels or closer to the MA55.
AUD/USD traded close to the lower side of the two-weeks range and there is a high probability of a breakthrough with further downside tendency. There is no important data to follow this week and we recommend paying attention to USD.
There is still the uptrend on the Weekly chart as the price is above the MA55. Second Doji on the Weekly chart tells us about a struggle for this resistance level. The price is unable to cross the resistance which may result in reverse of the 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 0,76000.
USD/CHF closed last week above the weekly trendline. The price is unable to cross this line and this may result in a change of the current tendency. We expect the currency pair to grow regardless the fact that USD/CHF is still in the downtrend.
There is no trend on the Weekly chart as the price is fluctuating around the MA55. USD/CHF closed above the trendline which may result in further growth of the currency pair.
There is the downtrend on the Hourly chart as the MA-channel looks downwards although the price is above the MA55. A sharp price growth may change the tendency. We advise to avoid short trades. We recommend also following the trendline. If it is broken through, the tendency will change and then you may try short trades.