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Technical Outlook January 30, 2017

30 January 2017

EURUSD

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The currency pair slowed down its decline after worse than expected US Prelim GDP data. This data was disappointing as it was weaker than forecasts. We think that this statistics is able to stop USD growth until there will be other drivers to push US dollar higher. We advise to pay attention today to Personal spending data which is also may be worse than expected and push USD even lower.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair slowed down its upside correction last week. We think it is going to be trading without any clear direction in the nearest future.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is above the MA55 balance line. You may try short trades from the upper trendline on the Hourly chart. Place stop losses above this line.

GBPUSD

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The currency pair failed to get back towards 1,26000 and there was no opportunity to open short trades according to our recommendations. We think that the upside tendency is going to proceed after Friday’s weaker than expected Us prelim GDP data. We also think that the currency pair is able to slow down its decline in the beginning of the weak as an option. However, pay attention to 1,26000-1,26100 are as here is a very important “check point” for the further currency pair growth.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. We have seen the currency pair to continue its upside tendency last week, but we think it is going to stop its growth in the nearest future.

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 at the moment as the situation is unclear.

AUDUSD

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The currency pair failed to accelerate its decline as we had previously expected but is trading within a range. There was an opportunity to open trades according to our recommendations but it resulted in a short stop loss.

The currency pair was in a range for the whole last week and we think it is going to run any direction in the next couple of days. We expect it to go downwards at the moment. However, everything may happen and we advise to hold the trigger.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair did an upside momentum last week. We think it is going to decline from the trend line in the nearest future.

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 at the moment as the situation is still unclear.

USDCHF

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The currency pair continued to be trading with no clear direction on Friday. However, we think that the weaker than expected US Prelim GDP data is able to push the currency pair downwards in the next couple of days. Long trades failed to bring profit as there was fake break through and the price went back to this line without any further upside momentum. Those long trades resulted in a short stop loss, which was close to the strike price as we had recommended.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair ended the last week in a range but we thin it is going to resume its downside tendency due to the weaker than expected US Prelim GDP data.

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.


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