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Technical Outlook December 21, 2016

21 December 2016

EURUSD

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The currency pair continues its downside dynamics without going back to the trendline. There is a downside tendency at the moment and the price is close to the MA55 balance line. You may try to open short trades from the MA55 but there are risks that EUR/USD is going to grow towards the trendline before it continues the downtrend. There is no important data today.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair continues its decline last week according to our expectations. We think the currency pair is going to continue its decline this week after some correction.

The currency pair is in the downtrend on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55 balance line. We advise to open short trades from the MA55 balance line. Place stop loss above the curve. In case if EUR/USD grows towards the trendline, you may try to sell from there.

GBPUSD

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There was no opportunity to open short trades from the MA55 balance line as the price did no reach this area yesterday. We think that you may try to sell from the MA55 balance line if the price reaches this curve today. There is still a downside tendency. You may try to sell even now as the stop loss will be good enough for this currency pair. Stop loss should be around 300 pips from the current price according to GBP/USD’s volatility.

The currency pair is in the downtrend on the Weekly chart as the price is below the MA55 balance line. GBP/USD declined last week according to our expectations. We think that the currency pair is going to continue its decline after some correction.

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 open short trades from the MA55 balance line. Place stop losses above the curve.

AUDUSD

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The currency pair is back to the balance line and you may try to open short positions from the MA55 today. AUD/USD targets 0,71500-800 and we think that it is time to sell aiming those levels. There is no important data today and the currency pair will be trading according to technical analysis.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. We think that the currency pair is able to reach 0,71800 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 open short trades from the MA55 balance line. Place stop losses above the curve.

USDCHF

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Short trades according to our recommendations failed to bring profit as stop losses triggered. Stop losses were short (about 150-200 pips). However, downside tendency was limited and we think it is time to think about long trades. Current trend is neutral and it is better avoid trading. it is better to wait until the uptrend takes place.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair went upwards from the broken through trendline and we think USD/CHF is going to continue to grow after some correction.

The currency pair is in neutral trend on the Hourly chart as the MA-channel is neutral and the price is close to the MA55 balance line. We advise to avoid trading today as the situations is still unclear.


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