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Analytics Technical analysis

Technical Outlook February 6, 2017

06 February 2017

EURUSD

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The currency pair grew on Friday due to the US Labor market data which was mixed. Non-Farm Employment data was better than expected. However, Average Hourly Earnings declined to 0,1%. This fact has negative impact on inflation and further Interest Rates hike. In addition, there is a decline in Interest Rates hike odds across the FedWatch tool. This data allows the currency pair to continue its upside correction in the nearest future. We expect EUR/USD to decline a little today and then to resume its upside tendency.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair was trading with high volatility and established an upside correction last week. We think that the currency pair is going to continue its upside correction in the nearest future.

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 open long trades from the trend line. Place stop losses below the line.

GBPUSD

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The currency pair continues to loose positions after Parliament’s vote on Brexit. Mark Carney warned last week that there are risks for British economics in future. The current tendency looks downwards but the price is far from the balance line and we give no recommendations. There is a probability that the price is going to stop close to the balance line on the Hourly chart today.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair slowed down its upside tendency last week according to our expectations. GBP/USD is likely to continue its correction or to stop on the current levels in the nearest future.

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 still unclear.

AUDUSD

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The currency pair was trading in a range on Friday due to the mixed US data. The US Non-Farm Employment data was better than expected. However, unemployment rate grew to 4,8% and the Average Earnings Index remains on its minimum. This data takes the wind out of FOMC’s sails as Fed is unable to hike Interest Rates.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair broke through the trend line last week and we think it is able to continue 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 advise to open long trades from the MA55 balance line or from the trendline. Place stop losses below those indicators.

USDCHF

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The3 currency pair was trading in both directions on Friday due to the mixed results of the US Labor market data. It started with growth earlier on Friday as market participants had expectations on better results of the release. However, as this data was truly mixed, Bulls had no opportunities to develop an upside tendency.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair’s decline took place earlier than we had expected and we think the USD/CHF is going to continue its decline in the nearest future.

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 avoid trading today as the situation is still unclear.


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