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Technical Outlook January 20, 2017

20 January 2017

EURUSD

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The currency pair declined sharply right after the end of the European Central Bank Meeting as the Interest Rates remained unchanged and the policymakers decided to continue this easy monetary policy according to our expectations. However, Market participants expected the ECB members to give some hints on the probability of the monetary policy to be more hawkish in the nearest future due to inflation growth. The price almost touched the lower side of the MA-channel but the currency pair went upwards during the American session. The main event for today is Donald Trump inauguration and we think that current fluctuations are influenced by this fact.

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 but we think it is going to slow down this tendency 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 unclear. Today’s US President inauguration may have a considerable impact on fluctuations depending on what Donald Trump is going to say.

GBPUSD

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The currency pair broke through the trendline and there was an opportunity to open short trades. This event resulted in 500 pips of eventual profit for those who risked to enter the market. There is no trend today and market participants are waiting for US President Donald Trump inauguration. It is better to avoid trading in this situation.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was no direction of fluctuations last week but we think the currency pair is going to decline in the next couple of days due to a price gap that took place in the beginning of the week.

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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There was no change in trend and the currency pair continued its moderate growth yesterday. USD dynamics is illogic due to US President Donald Trump inauguration. This was the main reason for a mistake in forecasts of further currency pair’s dynamics. We expect USD to grow anyway.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair continued its upside dynamics last week and we think it is going to slow down the local uptrend 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 Ma5 balance line. We advise to avoid trading today as the situation is still unclear.

USDCHF

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The currency pair was trading with the same pattern as EUR/USD did but we think USD/CHF is going to decline this week. However, it is better to wait until the end of US President Donald Trump inauguration to do any further steps. We advise to do nothing today as there is no clear tendency.

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 that USD/CHF is going to slow down its decline in the next couple of days as the currency pair is close to a strong support line.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is close to the MA55 balance line. We advise to avoid trading as the situation is still unclear.


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