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Technical Outlook December 16, 2016

16 December 2016

EURUSD

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The currency pair continued its decline yesterday giving no chances for those who expected some upside correction. It is difficult to open trades at the moment as this correction may happen at any moment and we advise to do nothing today. The current situation remains unchanged from yesterday and we continue to wait until the currency pair goes back towards the balance line.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair reached 1,08500 and then resumed its decline. We expect EUR/USD to go further downwards this week.

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 avoid trading today as the price is close to the lower side of the MA-channel. It is too risky to open trades in this situation.

GBPUSD

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The currency pair was far from the balance line and the MA-channel. We think that those fluctuations are abnormal and we advise to avoid trading in this situation. It is better to wait until the price is back to the balance line. We think that this will happen next week. The Bank of England’s Monetary Policy Committee decided to change nothing and this meeting had almost no impact on fluctuations.

The currency pair is in the Downtrend on the Weekly chart as the price is below the MA55 balance line. GBP/USD failed to reach 1,28500. We expect the currency pair to continue its decline this week.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the Ma55 balance line. We advise to avoid trading today as the price is close to the lower side of the Ma-channel. It is risky to open trades in this situation because of a high probability of a correction.

AUDUSD

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There was no opportunity to open short trades according to our recommendations as the price failed to reach 0,74300. We also recommended opening short trades from the MA13 and you could do it from 0,74200 area. In this case you had a chance to take about 800 pips of profit and risks were low. Today it is better to do nothing as the situation is unclear.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair continues its upside dynamics but we think that AUD/USD is going to decline towards 0,71800 this week.

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 avoid trading today as the price is close to the lower side of the MA-channel. It is risky to open trades because of a probability of a correction.

USDCHF

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The currency pair offered an opportunity to open long trades from the MA13 but we try to avoid to trade according to this tactics as we are confident of our expectations. We still wait for the price to go towards the balance line and we think this will happen next week. It is better to do nothing today as the situations is unclear.

The currency pair is in the uptrend on the Weekly chart as the price is fluctuating above the MA55 balance line. The price bounced off the broken through trendline on the Weekly chart and we advise to look for long trades this week.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to avoid trading today as the price is close to the upper side of the MA-channel. It is risky to trade as there is a probability of a correction.


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