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Technical Outlook February 7, 2017

07 February 2017

EURUSD

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The currency pair started new week with a decline due to political changes in Europe. Marine Le Pen is going to participate in French Presidential campaign. It is to mentions that the leader of far right party has plans to leave the European Union. Those talks influence fluctuations at the moment and euro is under a significant pressure. Long trades were closed by short stop losses and we think it is time to look for short trades today.

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 last week and established an upside correction. We think that EUR/USD is going to develop its upside correction 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 sell from the MA13. Place stop losses above the indicator.

GBPUSD

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The currency pair is still under pressure and breaks through the ascending trendline on the Hourly chart hinting on further decline. The price is close to the MA55 balance line area and we think it is time to look for long trades.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair’s growth slowed down last week according to our expectations. We think GBP/USD is going to develop its correction or to stay close to current level ion the nearest future.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55 balance line. We advise to open short trades from the MA55 balance line area. Place stop losses above the indicator.

AUDUSD

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The currency pair crossed the ascending trend line on the Hourly chart and it is time to look for trades from the broken through trend line. We think that AUD/USD is going to develop its decline as the common background is negative. There was an opportunity to open long trades but they failed to bring profit.

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 going to continue its growth 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 short trades from the broken through trendline. Place stop losses above the line.

USDCHF

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The currency pair developed its both sides fluctuations and there is still no clear tendency. It is better to leave the currency pair for a while and to see what is going to happen. We think that the currency pair will choose its direction today and it is likely to be an upside tendency.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. There was a decline last week and we think the currency pair is going to continue its downside tendency 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 unclear.


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