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Technical Outlook December 30, 2016

30 December 2016

EURUSD

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Today is a shorter workday as Europeans are going on weekend earlier than usual. The currency pair did a sharp upside burst due to low volumes. We advise to avoid trading today as there is a probability of unexpected troubles. Volumes will be higher after New Year’s holidays and you will have and opportunity to open trades.

There is the downtrend on the Weekly chart as the price is below the MA5 balance line. The currency pair was trading in both directions last week and closed on Friday at the same level as it started on Monday. We think that EUR/USD is going to decline this week.

The currency pair is in 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 volumes are low and the situation is unclear. There is a probability of unexpected fluctuations on a low market liquidity.

GBPUSD

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The currency pair was trading in both directions yesterday but it went upwards today in the morning. The current trend is neutral a there is no clear direction. We advise to do nothing today as the volumes are 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 this dynamics is going to continue 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 situations is unclear and the volumes are low.

AUDUSD

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The currency pair is trying to establish an upside tendency but due to low volumes it is impossible to take any opportunity. There are risks that the price is going to sharply increase or decrease today. It is better to do nothing today and enjoy New year’s holidays.

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 AUD/USD is going to start a correction in the next couple of days.

The currency pair is in the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the Ma5 balance line. We advise to avoid trading today as the volumes are low and the situations is unclear.

USDCHF

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The currency pair broke through the trendline without any resistance which was surprising. We think that it was the influence of low volumes. There were few orders to protect this level. We can see a downside tendency after today’s downside burst but we do not recommend doing anything today.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There was no further growth last week and the currency pair started a correction. We think that this dynamics will be continued after the holidays.

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 situation is unclear and the volumes are too low.


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