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Technical Outlook December 2, 2016

02 December 2016

EURUSD

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USD declined on Thursday during American session and the currency pair’s price increased. If you have opened a short trade according to our recommendations it failed to bring profit as it closed in the negative area. We think that investors are fixing their USD long positions on the eve of today’s US Labor Market data. We advise to pay attention to US Non-Farm Employment Change data which is likely to increase volatility. It is difficult to predict the results of the release and we have no idea how market is going to react. The risks are too high and we give no recommendations.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair made a short body candlestick last week and we think that the growth is going to continue. This correction is able to reach 1,08500.

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.

GBPUSD

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USD weakness allowed the currency pair to continue its growth in a more aggressive manner. UK Brexit minister David Davis added some additional support to GBP. However, those movements are influenced by fundamentals and have nothing common with technical analysis. We still think that it is better to avoid trading at the moment.

The currency pair is in the downtrend on the Weekly chart as the price is below the MA55 balance line. There are chances to go towards 1,28000 this week. The currency pair is able to reach this level.

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 as the situation is still unclear.

AUDUSD

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The currency pair failed to grow towards the suitable level to sell. AUD/USD tried to go upwards in the morning but it was not enough to offer any opportunity. The currency pair reached the MA55 balance line in the morning but it is risky to open short trades at the moment as AUD/USD is able to move further upwards towards the trendline. It is better to avoid trading on the eve of the US Labor Market data anyway.

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 think it is going to move downwards 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 today as the situation is still unclear.

USDCHF

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The currency pair offered an opportunity to open long trades according to our recommendations but growth was limited. There are two ways to take – place stop loss at breakeven level or at 150 pips from the strike price. The uptrend was weak and unable to push the currency pair further upside. However, the situation on the Weekly chart still indicates on the probability of upside tendency. We advise to take no decisions today on the eve of the US Labor Market data.

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 reach the established target. We think that the currency pair is able to decline below the trendline on the Weekly chart. The correction will be deeper in this case.

The currency pair is in a flat on the Hourly chart as the MA-channel is horizontal and the price is below the MA55 balance line. We advise to take no decisions today as the situation is unclear.


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