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Technical Outlook January 6, 2017

06 January 2017

EURUSD

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The currency pair continued its aggressive growth yesterday and it is close to the upper side of the MA-channel. ADP Non Farm data was worse that expected and this event pushes USD downwards. Today we advise to pay attention to important US Labor Market data as it may result in further decline of USD or stop a downside tendency. Analysts forecast little decline in Non Farm Payrolls data as well as little growth in unemployment rate.

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 accompanied with low volumes last week. We think that it is going to continue its 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 went back to the MA55 balance line before the American session and offered an opportunity to open long trades according to our expectations. The price moved upwards for 1500 that was enough to protect trades and take a considerable profit. We give no recommendations today as there is an important release of the US Labor Market data during American session. It is hard to say whether this data is better or worse than expected and how the market participants are going to react to it.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. GBP/USD Slows down its decline and there is a probability that the currency pair is in correction at the moment. We think that the currency pair’s growth is going to continue 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 it is hard to predict market’s reaction to today’s US Labor Market data.

AUDUSD

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The currency pair moved downwards before the American session, but this local correction was not enough to open long trades.

However, after this correction AUD/USD had some growth as we had expected it previously. We give no recommendations today as there is a very important US data on the way. It is better to take any decisions after the release of the US Labor Market statistics.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair went on correction according to our expectations. We think that this week it is going to continue its growth.

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 avoid trading today as it is hard to say what direction AUD/USD will choose after the release of the US Labor Market data today.

USDCHF

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The currency pair went back to the MA55 balance line but it was not enough to open trades according to our recommendations. We advise to avoid trading today as well as there is an important US data on the way and it is hard to predict how market players will react on it. It is better to do some steps after the release.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There is a strong resistance at 1,03000 and we think that the currency pair is going to step back from this level.

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 before the release of the US Labor Market data.


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