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Technical Outlook January 16, 2017

16 January 2017

EURUSD

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The currency pair declined on Friday a little after the US data which did not meet the expectations but was not weak to push USD further downwards. We think that this week the price is going to stabilize close to the current levels. We think that EUR/USD is going to be trading within a range 1,0510-1,0650. There is a holiday in the United States today and we think that market activity is going to be lower.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair continued its upside correction last week and we expect that it is going to slow down its upside tendency in the next couple of days.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is below the Moving Average 55. We think that there is a probability of a reverse and the currency pair is going to be in a neutral position. We give no recommendations as the situation remains unclear.

GBPUSD

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The currency pair started this week with a small downside gap. Experts think that this price gap is due to the upcoming UK Prime minister Theresa May speech on Brexit. The price is out of the MA-channel and we give no recommendations in this situation.

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 the currency pair is going to decline in the next couple of days due to the price gap.

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 avoid trading today as the situation is still unclear.

AUDUSD

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The currency pair was trading on Friday within a limited range and there was no impulse to decline as the US data was mixed. We do not expect any activity on today as there is a hoiday in the United States and the volumes will be lower than usual. We give no recommendations.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair continued its upside correction last week, but we expect AUD/USD to slow down its upside tendency in the next couple of days.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is close to the Moving Average 55. We advise to avoid trading today as the situation is still unclear.

USDCHF

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The currency pair corrected towards the Moving Average 55 and allowed to open short trades. Those positions resulted in 400 pips profit. It was enough for Friday as it was the end of the week. We think that today fluctuations are going to be limited due to the United States holiday and low volumes.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair declined this week according to our expectations. We think that the currency pair is going to slow down its decline this week as it is close to a strong support level.

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.


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