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Analytics Technical analysis

Technical Outlook December 1, 2016

01 December 2016

EURUSD

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US ADP Non-Farm Employment Change data was better than expected and USD has got some additional support. Interest Rates hike odds increased again. Market is starting to include probable Interest Rates hike on March 2017. Fed members underlined that US Labor Market reached full employment. Investors attention focuses on inflation and GDP growth. The current price pattern indicates on the probability of a decline.

There is the downtrend on the Weekly chart as the price is below the Ma55 balance line. The currency pair formed a short body candlestick last week and we think EUR/USD is able to continue its growth. We expect this correction to target 1,08500 at least.

There is no trend on the Hourly chart as the MA-channel is horizontal and the rice is below the MA55 balance line. We advise to look for short trades from the MA55 balance line. However, risks are too high as the local tendency is neutral.

GBPUSD

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The currency pair made some attempts to grow despite the fact that the other “Allies” were trading with no tendency. GBP/USD shows some illogic fluctuations and we give no recommendations in this situation as there are no clear signals. The currency pair tries to establish an uptrend but it is still unstable. We think that there is a probability of a reverse.

The currency pair is in the downtrend on the Weekly chart as the price is below the MA55 balance line. GBP/USD is able to go towards 1,28000 this week and may even reach this point.

The currency pair is in the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. However, this tendency is unstable and we advise to do nothing today.

AUDUSD

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The currency pair broke through the resistance at 0,74900-0,75000 and went downwards according to our expectations. This downside tendency was sharp and we can state a change in tendency. We think that it is better to look for short trades today.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair failed to reach 0,71800 but we still think it is able to do it after some correction.

The currency pair is in the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to open short trades from the MA55 balance line or broken through trendline. Place stop losses above those indicators.

USDCHF

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The currency pair tried to establish a new trend. But those attempts were weak. However, the price pattern indicates on further growth and you may try to look for long trades as the situation on the Weekly chart is suitable for trading.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair reached 1,02000 but failed to touch target. There is a probability that USD/CHF is going to decline below the trendline on the Weekly chart. The correction will be deeper in this case.

The currency pair is in the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to open long trades from the MA55 balance line area. Place stop losses below the curve.


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