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Technical Outlook February 2, 2017

02 February 2017

EURUSD

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The currency pair declined sharply during the American session as the ADP non-farm employment data was significantly stronger than expected. Final result was higher than forecasts and this fact provoked USD growth as the currency has got a strong support from market participants. However, later the FOMC meeting results were released and USD was under pressure again as there was nothing new in FOMC members’ comments. Fed decided to leave rates unchanged and did no forecasts on its future activities on Interest Rates hike in 2017. The currency pair is able to continue its growth.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair stopped its upside tendency last week, but we think it is going to develop its upside correction (or even consolidation with no clear direction) 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. We advise to open long trades from the MA55 balance line area. Place stop loss below the indicator.

GBPUSD

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The currency pair was prone to further growth as the manufacturing activity data in UK met the expectations. GBP/USD continued its upside tendency after the UK data release. The currency pair was close to the MA55 balance line during the Asia session offering an opportunity to open long trades. If you followed the recommendations to open positions from the MA55 balance line, you could earn about 1300 pips as there was no correction. We advise to pay attention to the Bank of England’s MPC meeting, which is to take place during the European session.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. We have seen the currency pair to continue its growth last week. We think it is going to slow down its upside tendency 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. We give no recommendations as the price is close to the upper side of the MA-channel at the moment. It is risky to open trades as there is a probability of correction.

AUDUSD

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The currency pair has finally left its two weeks’ range during the Asian session. It is looking upwards as we had previously expected. However, we think that there is a probability of reverse and it is better to avoid trading at the moment.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair moved upwards last week and we think it is going to decline from the trendline in the next couple of days.

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 avoid trading at the moment as the situation is still unclear.

USDCHF

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The currency pair approached the balance line and offered an opportunity to sell according to our recommendations. However, an upside correction was deeper than we thought and stop loss triggered. The currency pair’s fluctuations seem to be strange as compared to EUR/USD. Anyway, we have a stable downtrend and we advise to retry short trades.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair was trading in a range last week. We think that USD/CHF is able to continue its decline after the weaker than expected US Advance GDP data, released on Friday.

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 indicator.


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