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Technical Outlook December 22, 2016

22 December 2016

EURUSD

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The currency pair increased contrary to our expectations. We think that the upcoming holidays influence fluctuations as market participants are fixing their positions. We expected this situation today or on Friday. However, if you had opened short trades they was closed by stop losses. We do not advise to trades these days, as there is a high probability of unexpected moves.

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

There is no trend on the Hourly chart as the MA-channel is neutral and the price is above the MA55 balance line. We advise to avoid trading today as the situations is unclear and it is risky to open trades.

GBPUSD

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There was two opportunities to open short trades yesterday. If you sis it, you could take about 500 pips of profit. The first one you could open in the morning according to our recommendations. The second one when the price reached the MA55 balance line. The currency pair did no established new weekly lows and we think that a correction is possible.

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 as we had previously expected. We think that the currency pair is able to continue its downside tendency after some correction.

There is 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 do nothing today as the situation is unclear and it is risky to open trades on the eve of holidays.

AUDUSD

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There was an opportunity to open short trades from the MA55 balance line but the eventual profit in this case could be about 200 pips. You could protect your trades by placing stop losses at breakeven level. Market participants have are not willing to push the currency pair lower and we think that AUD/USD will fail to reach 0,71500-71800.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. We think that the target at 0,71800 will be reached this week.

The currency pair is in the neutral trend as the MA-channel is neutral and the price is close to the MA55 balance line. We advise to avoid trading today as the situation is unclear and it is risky to open trades.

USDCHF

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The currency pair has no clear direction and we think there will be no trend until the end of the upcoming holidays. Most of market participant are fixing their trades and this asset is losing liquidity at the moment. There is a probability that today’s US data is going to increase volatility but the chances are low. We give no recommendations anyway.

The currency pair is in the uptrend on the Weekly chart as the price is above the MA55 balance line. There was some growth from the broken through trendline and we think that USD/CHF is able to continue its upside tendency this week.

There is no trend on the Hourly chart as the MA-channel is in the neutral position and the price is close to the MA55 balance line. We advise to avoid trading today as the situation is unclear and it is risky to open positions on the eve of holidays.


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