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Technical Outlook December 26, 2016

26 December 2016

EURUSD

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The currency pair was trading within a tight range and closed Friday’s session on the same level almost. The market participants were cautious on the eve of Christmas and the volumes were low. Today the FX market is working as there are banking operations in Asia but most of participants are on holidays and volumes are low. We think that there will be no trading activities until tomorrow.

The currency pair is in the downtrend as the price is below the MA55 balance line. EUR/USD was trading in both directions last Week and closed at the same level as it started on Monday. We think that this week the currency pair is going to decline.

There is no 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 volumes are low and it is hard to take any profit.

GBPUSD

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The currency pair was trading in both directions on Friday and closed at the same level as started. We think that today’s dynamics is going to be even more modest as most of market participants are on holidays. We advise to do nothing.

The currency pair is in the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair declined according to our expectations without any correction. We think that GBP/USD will show the same dynamics 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 avoid trading today as the volumes are low and it is hard to do any profit.

AUDUSD

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The currency pair reached the previously established target at 0,71500-71800. We think that there will be no significant fluctuations today and it is better to do nothing.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair reached its target at 0,71800 last week. We think that there is a high probability of a 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 avoid trading today as the volumes are low and it is hard to catch profit.

USDCHF

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The currency pair is still in the neutral trend and we think that it is going to show the same dynamics today as most of market participants are on holidays and the market liquidity is very low.

There is the uptrend on the Weekly y chart as the price is above the MA55 balance line. There was no further currency pair growth as correction took place. We think that the currency pair is going to show the same dynamics due to holidays.

There is no 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 unclear and the volumes are low.


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