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Technical Outlook December 6, 2016

06 December 2016

EURUSD

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The currency pair reached both MA-channel sides and even crossed the upper one. This unnatural volatility is due to the Italian Referendum results, which were truly unexpected. However, all those moves are very suspicious, as Euro has to go down in this situation. We think that this upside local tendency is fake and the currency pair is going to decline in the nearest future. However, we also think that the currency pair is able to end its correction and then to go downwards. In this case EUR/USD will reach 1,08500 before its decline.

The currency pair is in the downtrend on the Weekly chart as the price is below the MA55 balance line. There was no growth last week and the currency pair is unlikely to go towards 1,08500 after the results of the Italian Referendum. We think that EUR/USD is going to decline.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We give no recommendations today as the price is close to the upper side of the MA-channel.

GBPUSD

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The currency pair failed to reach the balance line and offered no opportunity to open long trades. The uptrend is still strong and stable. You may try to buy from the MA55 balance line (if the price reaches this area) or from the MA13 (risks will be higher in this case). It is up to you to decide.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair failed to reach 1,28000 area but it is able to touch 1,28500 this week and then to resume its decline.

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 open long trades from the MA55 balance line or from the MA13. Place stop losses below the curves.

AUDUSD

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The currency pair continues its growth as there is the uptrend at the moment There is no sense to consider short trades as we see no signs of reverse. Today’s Reserve Bank of Australia meeting resulted in no changes in monetary policy. The currency pair had almost no reaction to this event. We still think that the trend is going to change.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair continues its upside correction but we think that it is able to start to decline towards 0,71800 this week.

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 take no decisions, as the situation is still unclear.

USDCHF

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The currency pair declined trying to break the pattern on the Weekly chart. The currency pair is in a suitable position to open long trades against the current trend. However, those long orders will be risky. We think that if the uptrend is to take place, eventual profit will be enough to cover eventual losses. The currency pair still have some room to decline and we advise to do nothing today.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair failed to decline below the broken through trend line on the Weekly chart. We expect USD/CHF to grow towards 1,03000.

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.


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