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Technical Outlook January 13, 2017

13 January 2017

EURUSD

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The currency pair moved upwards yesterday and we can see that there is an upside tendency at the moment. However, we have noticed that market participants are fixing their positions on the eve of the important US data (PPI and Retail Sales). Experts forecast significant growth of both macroeconomic indicators. This data is likely to support USD and we can see at the moment that US dollar is gaining strength. Prelim UoM Consumer sentiment, which is to be released today, is also worth attention.

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 be trading with the upside bias 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 avoid trading today as the situation is still unclear. There are several important events today which may significantly influence fluctuations.

GBPUSD

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The currency pair offered no opportunity to open long trades from the MA55 balance line. The price went towards the Moving Average this morning only. There was a sharp decline of the currency pair yesterday during the American session and we think this tendency is going to continue. Upside trend is slowing down and becomes neutral. Wait for today’s US data before taking any further steps.

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 that this neutral tendency is going to continue.

The currency pair is in the neutral position on the Hourly chart as the MA-channel is neutral 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 is in the strong uptrend and there are almost no corrections. It is hard to open trades in this situation.

Today’s US data (which is likely to be better according to forecasts) may support USD and provoke a huge US dollar upside tendency. In this case AUD/USD is likely to go on correction that may target the trendline on the Hourly chart.

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 upwards 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 avoid trading today especially on the eve of the important US data.

USDCHF

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The currency pair was in a strong downside tendency yesterday and is able to continue this trend today. We advise to avoid trading EUR/USD but we think it is time to trade USD/CHF as the downside tendency may continue if the US data is going to be worse than expected.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair left 1,03000 level last week and we think it is going to be trading below this level 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 open short trades from the Ma55 balance line. Place stop losses above the Moving Average. However, be careful as there is important US data today which may significantly influence fluctuations.


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