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Technical Outlook January 8, 2018

08 January 2018
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The currency pair went downwards on Friday despite the better than expected US Labor Market data. However, we have seen USD going upwards in other currency pairs. There are important Retail Sales and industrial production data in different countries, that may influence fluctuations. As for Friday, the US Consumer Price index data is expected to be released. We advise to pay attention to today’s Eurozone Retail Sales data, which is able to increase volatility.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair fluctuated in both directions last week according to our expectations. We think that EUR/USD is likely to start its downside correction in the next couple of days.
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 unclear.
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The currency pair is in the neutral positions currently and we give no recommendations. We expect GBP/USD to start a downside correction this week now or after another upside burst. Friday’s US data has met investors’ expectations. Average Hourly Earnings data reached 0,3% as it was expected by the experts. USD/’s decline slows down after those releases. There is no important data from the United Kingdom today.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair fluctuated in both directions last week according to our expectations. We think that GBP/USD is likely to decline and to develop its downside correction in the next couple of days.

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 unclear.

08_01_2018_aud.jpg

The currency pair reached 0,79000 level on Friday and started to decline. This may indicated on the beginning of a correction, but the price should be below Friday’s low in this case. There is no important data from Australia today and we expect medium volatility.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair developed its upside tendency last week according to our expectations. We think that AUD/USD is likely to start a correction in the next couple of days.

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 unclear.

08_01_2018_chf.jpg

The currency pair fluctuated within a range on Friday and the upside tendency was neutralized. There is no trend currently and we think that USD/CHF is likely to change its tendency in the nearest future. We think that it is time to monitor USD/CHF without taking any steps.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair fluctuated in both directions last week according to our expectations. We think that USD/CHF is likely to go upwards in the next couple of days.

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 unclear.



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