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Technical Outlook August 29, 2016

29 August 2016
EURUSD

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Fed’s Head Janet Yellen gave some signals about the probability of interest rates rise this year. This resulted in a significant decline in EUR/USD. USD has got a significant support for the next couple of days. The market will follow carefully US data searching for confirmation of the probability of interest rates growth in the USA. We advise to pay attention to the US Labor Market data this week. It is to be released on Friday.

The uptrend is still in progress on the Weekly chart as the price is above the MA55. The pattern that we can see on this timeframe indicates on the probability of further downside movement. The growth towards 1,15000 is questionable at the moment.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to avoid trading as the price is close to the lower side of the MA-channel. We recommend waiting until the price goes back to the balance line on the Hourly chart.



GBPUSD

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GBP/USD continued its downside dynamics after the Fed’s Head Yellen speech on Friday. MA-channel is tight as it was before the results of the Brexit Referendum. The volatility is low. USD have chances to continue its growth and we recommend looking for short trades.

There is the downtrend on the Weekly chart as the price is below the MA55. There was no decline below 1,30000. It may occur this week as USD has positive dynamics after Yellen’s speech.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to avoid trading as the price is close to the lower side of the MA-channel It is better to wait until the price is back to the balance line.



AUDUSD

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AUD/USD moved downwards on Friday according to the Weekly chart and declined below 0,75850/76000 key area. We advise to search for short trades only and only after the price is back to the balance line. It is better to avoid trading at the moment.

There is the uptrend on the Weekly chart as the price is above the MA55. The currency pair went downwards according to our expectations. The target level for this decline is far from current quotes.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55. We advise to avoid trading at the moment as the price is close to the lower side of the MA-channel. It is better to wait until the price is back to the balance line.



USDCHF

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USD/CHF resumed its growth after Yellen’s speech on Friday. The currency pair trades within a pattern on the Weekly chart and the growth may continue this week. We advise to avoid trading as the price is far from the balance line. Wait until it is back to the MA55 and then you may try opening long trades.

There is no trend on the Weekly chart as the price is fluctuating around the MA55. USD/CHF may rise towards 0,99500 this week.

There is the uptrend on the Hourly chart as the MA-channel looks upwards and the price is above the MA55. We advise to avoid trading as the price is close to the upper side of the MA-channel. Wait until the price is back to the balance line and then you may open long trades.

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