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Technical Outlook January 12, 2017

12 January 2017

EURUSD

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The currency pair continues to be trading in both directions within a wide range. Today there is a chance that EUR/USD is going to move upwards after yesterday’s new US President Trump speech. However, his words did not meet expectations of market players.

USD was under pressure. Market participants expected Donald Trump to uncover some information about fiscal and budget stimulus.

Nevertheless Trump avoided to talk about those aspects. We think that the currency pair is going to continue its growth.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair had an upside correction last week and we think it is going to move in the same direction in the next couple of days.

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.

GBPUSD

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The currency pair gave an opportunity to open short trades according to our recommendations. There was an opportunity to sell from 1,21650 and the price was in the profit area for about 1200 pips. You had a chance to take profit or to protect your trades.

New Us President’s speech did not meet the expectations of the market and USD was under the pressure. We think that today the currency pair is going to continue its growth as there was a change in a tendency yesterday.

There is the downtrend on the Weekly chart as the price is below the Ma55 balance line. There was no tendency last week and we think this neutral trend is going to dominate in the next couple of days.

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. Place stop losses below the curve.

AUDUSD

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The currency pair offered an opportunity to open long trades according to our recommendations from the MA55 balance line or from the trendline. The price went upwards for about 1000 pips without any correction and there was an opportunity to take profit or to protect your trades. We think that today AUD/USD is going to continue its growth but we give no recommendations as the price is close to the upper side of the MA-channel.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair had an upside correction last week. We expect that it is going to go in the upside direction in the next couple of days.

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 avoid trading today as the situation is still unclear. It is risky to buy close to the upper side of the MA-channel.

USDCHF

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The currency pair has still no clear bias but we think it is going to move downside today. Yesterday US President’s speech exert pressure on USD and we think that the US dollar is going to lose positions today as well. We still give no recommendations as the situation is unclear.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair left 1,03000 area last week and we think it is going to be trading below this area in the next couple of days.

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.


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