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Technical Outlook February 3, 2017

03 February 2017

EURUSD

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The currency pair reached the balance line in the end of the American session and it was too late to open trades. EUR/USD continued its growth before the American session as we had expected but there was no opportunity to place orders. We advise to pay particular attention to today’s US Labor Market data (non-farm payrolls especially) which is the main release and may have significant impact on fluctuations during the American session.

There is 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 EUR/USD is going to develop its correction in the nearest future.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is below the MA55 balance line. We give no recommendations today due to the important US data, which is to be released right before the American session. It is better to open trades after this event.

GBPUSD

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The currency pair was under the pressure after the Bank of England’s declarations on future risks. The situation in the British economics is still stable, but the Monetary Policy Committee warns about future risks and consequences of the Brexit. Those comments resulted in a sharp decline. We advise to pay particular attention to the US Labor Market data which is a very important event as it may have a considerable impact on fluctuations.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was an upside correction last week but we think that the currency pair’s grow is going to slow down in the nearest future.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is below the MA55 balance line. We give no recommendations today as the important US Labor Market data is on the way. It is better to take decisions right after the release of the US Non-Farm Employment Change data.

AUDUSD

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The currency pair broke through its range and this action had some support during the European session. However, there are risks as other allied currencies are declining against USD. Australian Dollar is able to follow its allies but today’s US Labor Market data is going to play a significant role in future fluctuations.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair had a sharp upside momentum last week. We think it is going to decline from the trend line 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 today as the important US labor Market data is coming soon. It is better to open trades after the release of the US Non-Farm Employment change data.

USDCHF

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The currency pair approached the MA55 balance line yesterday in the morning and offered some opportunities to open short trades. There was an opportunity to take about 400 pips as profit. We advise to pay particular attention to the US Labor Market data which will may have a significant impact on fluctuations.

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 currency pair was in a range. We think that USD/CHF is going to resume its decline after Friday’s weaker than expected Advance GDP data.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is above the Ma55 balance line. We give no recommendations today as it is better to open trades after the release of the US Labor Market data.


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