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Technical Outlook January 31, 2017

31 January 2017

EURUSD

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EUR/USD currency pair was trading with a high volatility after sharp declarations of a new US White House administration. Another reason why EUR/USD has those sharp fluctuations is the upcoming Central Bank meetings.

There are three of them this week – in Japan, United States and Great Britain. It was hard to open short trades according to our recommendations as the price did not reach the trendline. We advise to do nothing today as there is currently no tendency on the chart.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair slowed down its decline last week. We think it is going to develop a correction in the nearest future. However, there are still doubts on the direction of this correction.

There in 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 today as the situation is still unclear.

GBPUSD

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The currency pair established a downtrend but it is likely to be short as nothing is indicating on a long-term downside tendency. 1,26000-1,26100 area remains untouched and this is another sign of weakness of a downside tendency. However, we think that today there are opportunities to open short trades if price allows to do it. It is better to trade before the American session.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. Upside tendency continued last week but we think the currency pair is going to pause its ascending rush.

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 area or from the trendline. Place stop losses above those indicators.

AUDUSD

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The currency pair continues to be trading within a flat range. It seems like AUD/USD is ready to go upwards from this range. However, there is also a probability that the currency pair is going to stay within this flat range for a couple of days.

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 and we think it is going to move back from the trendline.

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 today as the situation is still unclear.

USDCHF

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The currency pair tries to establish a downside tendency after sharp fluctuations that we have seen yesterday. However, the price is still too far from the MA55 balance line in order to open short trade at the moment. We advise to sell the currency pair in case if the price is back to the MA55 balance line.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There was a range trading last wee but we think the currency pair is going to decline after Friday’s US Prelim GDP data which was worse than expected.

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 this curve.


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