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Technical Outlook December 19, 2016

19 December 2016

EURUSD

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The currency pair went back to the balance line and reached it on Friday but there are no signs of further direction still. We think that the price is able to go further upwards towards the trend line on the Hourly chart. The correction in this case will be deeper. However, the MA-channel still neutral and we do not advise to open long trades. We are on the eve of Christmas and we think that trading volumes will be lower by the end of the next five days.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair continued to decline last week according to our expectations as Fed decided to hike Interest Rates and announced three Rates hikes in the next 12 months. We think that EUR/USD is going to decline this week again after a 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 take no decisions at the moment as the situation is still unclear. The upside correction is able to extend.

GBPUSD

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The currency pair shows some signs of further growth. This upside correction is able to be even deeper but in this case, the price is to cross the trend line and we think that GBP/USD may probably reach 1,26000. There is no important data or events today. We think that the correction is going to continue today. It is to say that we are on the eve of Christmas and we expect the volume to decline by the end of the next five days.

The currency pair is in the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair went downwards according to our expectations. We think that the price is going to decline after some correction 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 take no decisions today as the situations is unclear and the correction may be deeper than expected.

AUDUSD

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The situation remains unchanged as the currency pair is fluctuating close to the lower side of the MA-channel and we give no recommendations today. It is better to wait until AUD/USD is back to the balance line and shows signs of further decline. RBA meeting minutes are to be released tomorrow in the morning. This data is able to influence fluctuations.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. We think that the price is able to reach 0,71800 in the next couple of days.

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. The risks of correction are too high.

USDCHF

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The currency pair reached the balance line on Friday and bounced off it at 350 pips. There was no signs of growth today in the morning and we think that correction may be even deeper. We expect the currency pair to decline towards 1,02000. There is no important data today and we think that the fluctuations will be determined by technical analysis.

The currency pair is in the uptrend on the Weekly chart as the price is above the MA55 balance line. USD/CHF had some growth from the broken through trendline. We expect the growth to continue after some correction.

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 situation is unclear.


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