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Technical Outlook February 9, 2017

09 February 2017

EURUSD

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The currency pair established new weekly lows and the had a correction. There is no sense to open trades at the moment as the price had already done its expected decline. However, we haven’t told about this and several traders opened trades from the MA55 balance line which resulted in little losses. The currency pair is still unstable due to the situation is Europe and United States.

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 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 close to the MA55 balance line. We advise to open short trades from the trendline on the Hourly chart. Place stop losses above the indicator.

GBPUSD

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The currency pair holds current levels after the Monetary Policy Committee Forbs comments yesterday on the future of monetary policy. It seems that this speech stopped GBP/USD’s decline. Anyway there is no clear tendency and the currency pair seems to be in a neutral position.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair slowed down its growth last week according to our expectations. We think that it 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 above the MA55 balance line. We advise to avoid trading today as the situation is still unclear.

AUDUSD

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The currency pair offered an opportunity to open short trades from the trendline. AUD/USD declined for 550 pips without any correction. However, this decline is slow and we advise not to hold the positions for a long time. There is a probability of upside momentum. We give no recommendations today.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair crossed the trend line last week and we think it is going to continue its growth 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 avoid trading today as the situation is still unclear.

USDCHF

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The currency pair offered opportunities to sell from the balance line but those positions gave little profit about 300 pips. It is possible to leave those positions for today and move stop losses at breakeven level. We think that the price is able to grow or to be in a range.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. There was a decline last week. We think that the currency pair is going to continue 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 close to the MA55 balance line. We advise to avoid trading today as the situation is unclear.


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