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Technical Outlook December 29, 2016

29 December 2016

EURUSD

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You had an opportunity yesterday to see how investors can move a currency pair on low volumes. However, the price after some fluctuations returned back today in the morning. This fact says that the investors moved the currency pair intentionally. EUR/USD balance line is at 1,0440 approximately. Most of investors are on holidays this week as we are on the eve of New Year holidays.

Trading volumes are still low and we advise to do nothing today.

The currency pair is in the downtrend on the Weekly chart as the price is below the MA55 balance line. EUR/USD fluctuated in both directions last week but closed Friday’s session almost on the same level as it started on Monday. We think that the currency pair is going to decline this week.

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 volumes are still low and it is risky to do something in those conditions.

GBPUSD

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Yesterday’s range of fluctuations increased up to 900 pips and the currency pair showed some volatility. However, we do not recommend trading as the volumes are still too low and those who trade at the moment may push the currency pair in any direction.

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

There is no tend 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 unclear and the volumes are low.

AUDUSD

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The currency pair extended its fluctuations range yesterday but the price was at the same level by the end of the day. As we have previously mentioned, it is better to do nothing this week and to enjoy the holidays as the volumes are very low.

There is no tend 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 AUD/USD is going to have a correction in the next couple of days.

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 situation is unclear and the volumes are low.

USDCHF

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The currency pair is getting closer to the trendline and we think it is going to bounce off it in the nearest future. However, there is no trend at the moment and there is no sense to open trades. Most of market players are on holidays and the volumes are low.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There was no further growth of the currency pair last week as a correction started. We think that USD/CHF is going to continue this dynamics in the next couple of days.

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


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