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Technical Outlook January 23, 2017

23 January 2017

EURUSD

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The currency pair was trading in both directions on Friday on the eve of the US President Donald Trump inauguration. There was no details on Trump’s plans to increase expenditures and to decrease taxes. US is still loosing positions after the inauguration speech. The currency pair is close to the upper side of the MA-channel and we give no recommendations at the moment.

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. We think it is going continue 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 above the MA5 balance line. We advise to avoid trading today as the situation is still unclear and it is risky to take any decisions.

GBPUSD

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The currency pair was trading in both direction for the same reasons as EUR/USD did. In addition, UK Retail Sales data was disappointing. However, this data had limited impact on GBP/USD as market participants paid attention to Donald Trump’s inauguration. The price is close to the upper side of the MA-channel and we give no recommendations.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair was trading mostly with positive bias and we think it is going to continue its upside 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. We advise to avoid trading as the situation is still unclear.

AUDUSD

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The currency pair is trading within a tight range and we think there is a probability of another upside momentum. AUD/USD was trying to grow but it still in the same range despite the decline of USD. You may try to open long trades from the MA55 balance line or from the trend line in order to catch eventual upside price momentum.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair slows down its upside tendency but we think it is going to resume its upside correction 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 open long trades from the MA55 balance line or from the trendline. Place stop losses below those indicators.

USDCHF

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The currency pair started to decline after the US President Donald Trump’s inauguration and it continues its decline today. We advise to do nothing at the moment as the price is far from the balance line. There is no clear tendency.

There is the uptrend on the Weekly chart as the price is above the Moving Average 55 balance line. The currency pair declined last week and crossed its strong support line. We think that it is going to continue its downside 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 below the MA55 balance line. We advise to avoid trading today as the situation is still unclear and it is risky to open trades at the moment.


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