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Technical Outlook February 8, 2017

08 February 2017

EURUSD

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The currency pair developed its decline yesterday due to the market players’ fear on future of the European Union. This situation is likely to press on EUR/USD in the nearest future. However, a downside tendency diverge from the Weekly chart. The recommended trade was risky and resulted in a stop losses triggered.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair was trying to establish an upside tendency last week. We think it 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 open short trades from the MA55 balance line. Place stop losses above the indicator.

GBPUSD

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Yesterday’s short trades according to our recommendations were successful as the price declined for more than 1100 pips. There was an opportunity to fix some profit. However, there was a growth during the American session as the Monetary Policy Committee member Christine Forbs announced her fight for Interest Rates hike as the inflation continues to grow. There is another reason for GBP/USD to grow as the Scottish Parliament voted against Brexit. This vote does not influence the situation directly as there is no need for Scottish Parliament approval for Brexit. However, this is a strong signal for the United Kingdom government.

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

There is no trend on the Hourly chart as the MA-channel is neutral and the price is above the MA55 balance line. We advise to avoid trading as the situation is still unclear.

AUDUSD

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The currency pair rejected the broken through trendline and there was an opportunity to open short trades from this line according to our recommendations. The price move was about 700 pips and you could take your profit. We think that the currency pair is going to develop its moderate decline today and we advise to open short trades from the MA55 balance line or from the trendline.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair broke through the trendline on the Weekly chart last week and we think it is going to develop its growth from the trendline in 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 or from the trendline. Place stop losses above the indicators.

USDCHF

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The currency pair start to move upwards but this upside tendency seems to be a correction. It has an opportunity to take speed, but is it still weak. We advise to try long trades from the MA55 balance line or from the ascending trendline.

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 develop its downside 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 ascending trendline.


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