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Analytics Technical analysis

Technical Outlook January 4, 2016

04 January 2017

EURUSD

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The currency pair declined considerably towards the trendline and made a fake breakthrough. However, the trendline still holds the price and we think that there is an upside correction on the way despite the fact that we have the downside trend. We advise to pay special attention to the trendlines on the Hourly chart as they are very important for future tendency as it depends on which of those two lines will be broken. There is an important release today – FOMC Meeting Minutes. Market participants will pay attention to the event.

There is the downtrend on the Weekly chart a the price is below the MA55 balance line. The currency pair was trading with high volatility last week as the volumes were low. We expect the currency pair to have an upside correction this week.

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 do nothing today as we think that the situation is still unclear. Wait for the breakthrough of any trendline on the Hourly chart.

GBPUSD

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Yesterday’s situation hinted on the probability of the currency pair growth. However, USD had a sharp momentum and there was no opportunity to buy. The UK data was even better than expected but GBP continued to fall. The trend is changing but it is still too early to open short trades. We advise to follow further dynamics today.

There is the downtrend on the Weekly chart as the price is below the Ma55 balance line. The currency pair stopped to decline and there is a probability of an upside correction. We expect the currency pair to grow this week.

The currency pair is in the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the Ma55 balance line. We advise to avoid trading today as the situation is still unclear.

AUDUSD

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The currency pair is still trading within the same limited range as nothing changed since our last outlook from January 3rd, 2017. We think that today’s FOMC Meeting Minutes may change situation. There is no trend and we advise to do nothing today.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair is in a correction according to our expectations after it reached its target at 0,71800. We expect the upside correction to develop 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 do nothing today as the situation is still unclear.

USDCHF

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The currency pair went upwards to the trendline and made a fake breakthrough as USD had a momentum. We still think that there is a probability of a downside tendency despite the fact that the uptrend is too strong. We draw two trendlines on the Hourly chart. Wait for the price to break any of those two lines to see further direction of fluctuations.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair met a strong resistance at 1,03000. We think that the price is going to leave this area 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.


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