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Technical Outlook February 1, 2017

01 February 2017

EURUSD

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The currency pair did a sharp upside momentum and established the uptrend. The Eurozone data was better than expected. There is a growth of inflation and the reduce of unemployment level. A for the GDP, this macroeconomic indicator continues to grow for the fourth quarter in a row. The biggest economies manufacturing activity data is to be released today. We also advise to pay attention to the FOMC meeting which is to take place during the American session.

There is still the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair slowed down its upside correction last week. We think that it is going to develop its correction in the nearest future.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. The price is close to the upper side of the MA-channel and we give no recommendations in this situation as it is risky to take any steps.

GBPUSD

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The currency pair offered no opportunities to sell before the American session from the MA55 balance line. GBP/USD reversed its tendency and moved upwards finally according to our expectations. We advise to pay attention to Manufacturing activity data (PMI’s) from United Kingdom and United States today as this statistics is very important for fluctuations. We think that the currency pair is going to continue its upside tendency.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. We have seen an upside tendency to develop last week. We think that the currency pair is going to slow down its upside correction.

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 open long trades from the MA55 balance line area. Place stop losses below the indicator.

AUDUSD

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The currency pair continues its fluctuations within a previously established range. AUD/USD is trying to break through upwards today and we think there is a high probability of this event. However, the price may continue its current dynamics. We advise also to pay attention to FOMC meeting as it may change the situation during the American session.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair moved sharply upwards last week and we think it is going to decline in the nearest future.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is close to the MA55 balance line. We advise to avoid trading today as the situation is still unclear.

USDCHF

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The currency pair approached to the balance line yesterday but offered no opportunity to open trades as it was not close to the indicator. If you opened a position, you could take about 1000 pips as profit. We think that the price is able to move back towards the MA55 balance line and then to continue its decline. If this happens, we give recommendations to trade. However, you should remember that there is an important event (FOMC meeting) today.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There was no clear tendency last week and the price was in a range. We think that the currency pair is going to resume its decline after Friday’s US GDP data.

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 area. Place stop losses above the indicator.


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