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Technical Outlook December 27, 2016

27 December 2016

EURUSD

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The market participants were on holidays as you may see it on the chart. Today a part of them is going to be back and to take part in trading for a couple of days. However, we do not expect significant fluctuations as New Year’s holidays are on the way. Volumes are still low as many market participants avoid trading at the moment. There is an important US Consumer Confidence data today but we do not expect it to make any serious changes in the current situation.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair was trading in both directions last week and closed almost on the same level that it started fluctuations last Monday. We think that the currency pair is going to decline in the next couple of days.

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 still low and it is hard to predict fluctuations today.

GBPUSD

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The currency pair had almost no fluctuations as market participants were still on Christmas holidays. We think that market participants are going to be back today but not all of them. UK is still on holidays and we advise to do nothing today. There is no important data from the Great Britain in addition.

The currency pair is in the downtrend on the Weekly chart as the price is below the MA55 balance line. GBP/USD declined according to our expectations last week without any correction. We think that the currency pair is going to continue its negative dynamics this week.

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 low. It is risky to take any actions on the eve of New Years’ holidays.

AUDUSD

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The currency pair is going to increase its volatility after yesterday’s pause. However, we think that most of market participants are still on holidays and there will be lack of volumes to produce any serious moves. It is better to avoid trading and enjoy New Year’s holidays.

The currency pair is in a neutral position as the price is close to the MA55 balance line. AUD/USD reached 0,71800 last week. We think that AUD/USD is going to have an upside correction this week.

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 volumes are still low and it is risky to take any actions during Christmas and New year’s holidays.

USDCHF

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There is still the neutral trend as no side is dominating the market. We think that the currency pair is going to increase its volatility today, but we do not think that there will be any significant moves as volumes are low. However, there is a little probability that surprises may occur if somebody decides to move the price on low volumes.

The currency pair is in the uptrend on the Weekly chart as the price is above the MA55 balance line. There was no further growth of USD/CHF last week as the downside correction started. The currency pair is going to continue this dynamics according to our expectations.

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 situation is still unclear and the volumes are low.


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