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Technical Outlook January 3, 2017

03 January 2017

EURUSD

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Happy New Year to all traders! We think that USD may retreat in the beginning of the year and this tendency is clearly seen currently on the charts. This week is short and the main event is to take place on Friday. US Labor Market data will be released this day. Today we advise to pay attention to German statistics but we don’t expect it to influence seriously fluctuations. The currency pair is in an inconvenient position for trading 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 had some volatility last week on low volumes. We think that the upside correction is to take place this week.

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.

GBPUSD

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The currency pair tries to go upwards as we may see it on the charts. We advise to pay attention to today’s UK Manufacturing PMI index as it may have impact on GBP/USD if final figures are not close to the forecasts. You may try to open long trades from the balance line today.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. However, the currency pair stopped to slip down and started a correction. We think that GBP/USD is going to grow this week.

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 open long trades today from the MA55 balance line or even lower. Place stop losses below the trendline on the Hourly chart.

AUDUSD

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The currency pair established neutral tendency but there are some signs of further upside trend. AUD/USD is trading in an upside wide range and you may try to open long trades from its lower side. There was such an opportunity yesterday but we gave no recommendations as risks were too high. It is to mention that there is still no trend.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair went on a correction according to our expectations as it has reached the target at 0,71800. We think that the upside correction is going to continue this 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 unclear and it is risky to open trades.

USDCHF

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The current situation is strange. The trendline was broken through and there is a probability of further decline. However, there is no tendency on the chart. We give no recommendations today. However we think that the downtrend will resume in the nearest future.

There is the uptrend on the Weekly chart as the price is above the Ma55 balance line The currency pair established a resistance at 1,03000 and we think it is going to decline from this level in the nearest future.

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 and it is risky to take decision in the current position.


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