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Technical Outlook August 30, 2016

30 August 2016
EURUSD

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EUR/USD continued its moderate decline. The main reason for the downtrend is the growth of expectations of the interest rates raise in the USA this year. Fed’s Head Yellen underlined the probability of the monetary policy tightening during 2016. Personal spending data remain within forecasts and had almost no impact on the currency pair. The price is still far from the balance line. We advise to avoid trading as it is too risky at the moment.

There is the uptrend on the Weekly chart as the price is above the MA55. There is a pattern indicating on the further EUR/USD decline. The growth towards 1,15000 is questionable at the moment. However, we cannot reject this opportunity in the future.

The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to wait until the price is back to the balance line (MA55 area) in order to open short traders. It is risky to open trades at the moment as correction is possible.



GBPUSD

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Fed’s Head speech influenced GBP/USD during Monday’s sessions. Janet Yellen underlined that FOMC is ready to consider the possibility of interest rates raise during the upcoming meetings. Those hints were enough to give significant support to greenback against other major currencies. USD is on the rally until Friday at least, when the important US Labor Market data is to be released.

There is the downtrend on the Weekly chart as the price is below the MA55. The currency pair failed to decline below 1,30000 last week. However, we still consider such an opportunity in the nearest future.

The downtrend is progressing on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to wait until the price is back to the balance line (MA55 area) in order to open short trades. It is too risky to sell at the moment as correction is possible.



AUDUSD

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AUD/USD had some correction allowing to open short trades. If the price is back to the key 0,75850/0,76000 area, there will be a good opportunity to sell from there. The balance line is also in that area. It is better to wait until the correction is done in order to open trades.

There is the uptrend on the Weekly chart as the price is above the MA55. The currency pair went down according to our expectations targeting 0,71500.

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 0,75850/0,76000 area, placing stops above the balance line (MA55 area).



USDCHF

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USD/CHF makes no attempts to get back to the MA55 balance line. The uptrend is too strong and the currency pair can not even reach its balance area. We advise to avoid trading until USD/CHF is back to the balance line (MA55 area). The growth still has some space and reserves. However, it is too risky to enter long trades as the correction may occur at any time.

There is no trend on the Weekly chart as the price is fluctuating around the MA55. The price may grow 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 at the moment as the price is close to the upper side of the MA-channel. It is better to wait until the price is back to the balance line.

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