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Technical Outlook January 24, 2017

24 January 2017

EURUSD

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The currency pair continued its morning growth and almost reached its 2 month’s highs. EUR/USD established the uptrend and it is time to look for long trades. However, the price is close to the upper side of the MA-channel and the tendency is too strong that it is risky to open trades at the moment. There is an important Eurozone Manufacturing and Services PMI data today and this statistics is able to influence fluctuations. We think that those releases may result in some correction and there will be an opportunity to open long trades tomorrow.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair continued its upside dynamics but it was in a very wide range last week. We think that EUR/USD is going to continue its upside correction 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 MA55 balance line. We advise to avoid trading today as the situation is still unclear.

GBPUSD

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The currency pair had a considerable growth yesterday as the Court of London announced that the British government is unable to bypass parliament and initiate Brexit without parliament’s approval. It means that the Brexit procedure may be postponed. It was too hard to open trades as the trend was too strong and we advise to take a pause and wait for better price position.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was a strong upside tendency last week and we think that the currency pair is going to continue its growth in the next couple of days.

The currency pair is in 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 and it is risky to open trades, as the current tendency is too strong.

AUDUSD

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The currency pair offered some opportunities to open trades from the MA55 balance line yesterday according to our recommendations. You had a chance to take some profit (about 400 pips) despite the fact that fluctuations were weak. There is a strong resistance on the way (Weekly chart) and we think that the currency pair is able to bounce off it if the price is unable to break it through in the nearest future.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair paused its upside correction last week but we think it is going to resume 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 MA55 balance line. We advise to avoid trading today as the situation is still unclear.

USDCHF

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The currency pair established a downside tendency and we think it is time to look for short trades. However, it is better to wait until the price goes back to the MA55 balance line as it is still far from this curve.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair declined slower last week as we had expected and found a strong support level. We think that it is going to continue its decline in the next couple of days.

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 open short trades from the MA55 balance line. Place stop losses above the curve.


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