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Technical Outlook December 7, 2016

07 December 2016

EURUSD

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USD downside correction is ending and we may see greenback growth in the nearest future. It is time to prepare to sell the currency pair. The trend still looks upwards but AUD/USD as well as GBP/USD have already changed their tendencies and we think that EUR/USD is going to follow those majors. Two things that still support the currency pair’s uptrend are Monday’s momentum and tomorrows European Central Bank’s meeting.

Thee is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was no further growth and after the release of the Italian Referendum the currency pair is unlikely to reach 1,08500. We think that EUR/USD is going to continue its downside tendency.

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 give no recommendations today as the situation is unclear. However, we advise to prepare for short trades.

GBPUSD

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Long trades from both the MA13 and the MA55 balance line failed to bring profit and the currency pair is likely to reverse its tendency. Everything becomes clear as USD gets more support from the upcoming FOMC decision. The currency pair goes downwards in a very aggressive manner. We think that it is risky to open short trades in this situation. It is better to wait until better signals to come.

The currency pair is in the Downtrend on the Weekly chart as the price is below the MA55 balance line. GBP/USD failed to reach 1,28000 and reversed. However, we still think it is able to touch 1,28500 and then to decline.

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 open short trades from the MA55 balance line. Place stop losses below the curve.

AUDUSD

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The currency pair declined sharply today in the morning after the Australian GDP q/q data. Quarterly release declined to -0,5 percent indicating a slowdown in economic growth in Australia. We think that this data is going to press on AUD and the currency pair may continue its downtrend in the nearest future.

There is no trend on the Weekly chart as the price is below the MA55 balance line. The currency pair continues its upside tendency but we expect it to decline towards 0,71800.

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 open short trades from the MA55 balance line. Place stop losses above the curve.

USDCHF

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The currency pair shows some signs of a reverse of the current tendency and you may try to open long trades today. If you opened long trades in the opposite side of the trend you could have some profit as the currency pair increased for 400-500 pips. We think that today USD/CHF is going to break its tendency. In this case the currency pair is likely to accelerate its growth. You may try to buy USD/CHF with large stop losses today.

The currency pair is in the uptrend on the Weekly chart as the price is above the MA55 balance line. All attempts to decline below the broken through trendline failed and we think that USD/CHF is going to grow towards 1,03000.

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 do nothing today or to try long trades with stop losses below the Weekly lows.


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