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Technical Outlook December 23, 2016

23 December 2016

EURUSD

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The currency pair’s reaction to the US data was sharp but EUR/USD still remains on its previous positions. There was some upside momentum yesterday but it was limited in time. The currency pair closed yesterday’s session almost at the same level as it opened. This is due to the fact that market participants avoid to take any considerable steps before Christmas. There are long holidays on the way and we think that EUR/USD is going to hold its positions. FX market is not working on Monday.

The currency pair is in the downtrend on the Weekly chart as the price is below the MA55 balance line. EUR/USD continued to decline last week according to our expectations. We think that it is going to decrease this week again after some upside 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. It is risky to open trades on the eve of the Christmas holidays.

GBPUSD

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The currency pair continued its decline and it was strange as the other majors was trading in a range. Yesterday’s US data was mostly better than expected but it had almost no influence on quotes as market participants are cautious before holidays. We give no recommendations today. We think that there will be some signs of future fluctuations on Tuesday. However we think that there will be nothing extraordinary and the currency pair is going to be trading within a range.

There is the downtrend on the Weekly chart as the price is below the Ma55 balance line. The currency pair declined according to our expectations. We think that it is going to continue its decline this week after some upside correction.

The currency pair is in the downtrend as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to do nothing today because of the upcoming long holidays.

AUDUSD

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The currency pair is able to reach previously established targets at 0,71500-,071800 as it is only 200 pips to touch the aim. However, this downside tendency develops hardly and there are signs of lower than usual trading volumes. Yesterday’s US data was better than expected but it had almost no influence on the currency pair.

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

The currency pair is in the downtrend as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to do nothing today as it is very risky to open trades on the eve of Christmas holidays.

USDCHF

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The currency pair tries to change its neutral tendency into the downtrend. However, those attempts are weak and we still see the same range. There are long holidays on the way and we think that market participants are going to avoid trading. We give no recommendations for today.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There was some growth from the broken through trend line on the Weekly chart last week. We think that the currency pair is going to continue its upside tendency this week after some downside 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 avoid trading today as the volumes are lower on the eve of the Christmas holidays.


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