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Technical Outlook January 5, 2017

05 January 2017

EURUSD

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The currency pair crossed the upper trendline yesterday and established new direction of fluctuations. You could try long trades but we gave no recommendations as those positions would be in the opposite side of the trend. There are many important releases from the USA today and we think there is a probability of a volatility to grow during the American session. The price is close to the upper side of the MA-channel. In this situation we give no recommendations.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair was trading with high volatility in the end of the last week. We think that it is going to have an upside correction this week.

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 crossed its trendline and moved higher. We think that there is a clear reverse and it is time to look for long trades. We had some doubts yesterday that downside tendency was going to develop. You may try long trades from the MA55 balance line. There will be some opportunities during the American session we think. However, it is better to open trades before this session in order to catch the momentum.

There is the downtrend on the Weekly chart as the price is below the Ma55 balance line. GBP/USD stopped to decline and we think there is a probability of a long correction. We expect the currency pair to grow this week.

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 open long trades from the MA55 balance line. Place stop losses below the curve.

AUDUSD

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The currency pair’s fluctuations indicates on a probability of an upside tendency. You may try to buy AUD/USD today. However, it is better to wait until the price goes back to the MA55 balance line during European session in order to open trades before the American session. If the currency pair continues its growth during European session, it is better to avoid trading.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. AUD/USD is in a correction as we had expected it previously. The currency pair reached 0,71800 level and we think that an upside correction is going to develop this week.

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 buy from the MA55 balance line. Place stop losses below the curve.

USDCHF

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The currency pair was trading in a downside direction and crossed the lower trendline. There was opportunities to open short trades but we gave no recommendations as those positions were in the opposite side of a current tendency. We give no recommendations today as well as the price is far from the balance line.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair met a serious resistance at 1,03000. We think that USD/CHF is going to decline from this level during the 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 avoid trading today as the situation is still unclear.


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