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Technical Outlook January 19, 2017

19 January 2017

EURUSD

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The currency pair was trading with a decline and accelerated its decline during the American session. US CPI data met the expectations and the Fed head Yellen persuaded market participants in a more aggressive Interest Rates hike during the next couple of years. Inflation overcame FOMC’s 2% target level which is a strong signal for Fed to hike Rates.

FOMC plans to increase Rates thrice this year. USD has got some additional support and we think it is going to grow in the nearest future.

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 think it is going to slow down its growth 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 MA55 balance line.

Trendline was broken through as well as the MA55 balance line. This indicates on a probability of further decline. We advise to avoid trading at the moment and wait for the situations to become clear.

GBPUSD

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The currency pair went back to the MA5 balance line allowing to open long trades yesterday. However, all other currency pair have downside direction and we think it is not a good idea to open long trades at the moment. GBP/USD is able to continue its downside tendency and there will be some signals to sell. We have drawn a trendline, which is an indicator for further currency pair dynamics. If the currency pair breaks it through there will be an opportunity to open long trades. Otherwise GBP/USD is going to change its tendency.

There is the downtrend on the Weekly chart as the price is below the MA5 balance line. There was no direction last week and we think the currency pair is going to continue its decline because of a price gap.

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 at the moment but to be prepared to buy or sell according to circumstances.

AUDUSD

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There was a correction towards the balance line by the end of the American session yesterday but it was too late to open trades. The currency pair is in a deep correction as we have previously expected. AUD/USD tries to hold its positions above the trendline but we think it is going to break through this line today. It is better to wait until the reverse before selling the currency pair.

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 and we think it is going to slow down its growth 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 MA55 balance line. We advise to avoid trading at the moment as the situation is still unclear.

USDCHF

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The currency pair is close to the MA55 balance line and the trendline but it was late to open trades yesterday. We think that USD/CHF is going to change its tendency and it is time to do nothing and to to wait until the situation becomes clear.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair declined last week according to our expectations. We think it is going to slow down its downside tendency in the next couple of days.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is above the MA55 balance line. We advise to avoid trading as the situation is unclear.


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