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Technical Outlook August 9, 2016

09 August 2016
EURUSD

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EUR/USD did not reach the balance line yesterday. There was no opportunity to enter short trades. It is probable that the price will approach the balance line today and there will be an opportunity to open short trades. There is no important data today. However, US stats may influence fluctuations. We expect calm trading without sharp moves.

There is no trend on the Weekly chart as the price is balancing around the MA55. Last week EUR/USD reached the cross of two trend lines and reversed downwards. We expect Bears to dominate this week.

The downtrend is progressing on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. EUR/USD goes back to the balance line. If it reaches the MA55, there will be an opportunity to sell from there.


GBPUSD

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GBP/USD did not get the upper trendline yesterday to allow short trades. This happened at night and then there was a 600 points rebound. We expect GBP/USD to get back to the upper trendline again. However, if it happens, it will be too risky to enter short trades. We advise to follow British data wich is to be published today.

There is the downtrend on the Weekly chart as the price is below the MA55. GBP/USD tried to grow last week. However, the Bank of England’s MPC decision and strong US Labor Market data reversed the upside tendency.

There is the downtrend on the Hourly chart as well as the MA-channel goes downwards and the price is below the MA55. We advise to sell from the upper trendline area. Place stops at 1,3030/40.


AUDUSD

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AUD/USD marked a new month’s high yesterday. The uptrend is still progressing. However, it loses strength. It is very dangerous to open long trades in such a situation. The price may reverse at any moment and lose all positions that it gained within a week.

The uptrend is still in progress on the Weekly chart as the price is above the MA55. The currency pair closed last week in the positive area. We expect this dynamics to continue this week.

The uptrend is clearly seen on the Hourly chart as well as the MA-channel looks upwards although the price is below the MA55. You may try to open short trades along the ascending trendline awaiting for a sharp downside momentum.


USDCHF

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USD/CHF failed to get back to the balance line and the price continues to move higher. We advise to wait until the price goes back to the MA55 balance line and to open long trades there as it is very dangerous to buy at current price. The important Swiss Labor Market data is to be published today. It may give additional support to the currency pair in case of unexpected results.

There is no trend on the Weekly chart as the price is balancing around the MA55. USD may continue to grow this week. The long positions are preferable.

There is the uptrend on the Hourly chart as the MA-channel looks upwards and the price is above the MA55. USD/CHF goes back to the balance line and you may try to open short trades from the MA55.

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