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Technical Outlook January 9, 2017

09 January 2017

EURUSD

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The currency pair reversed after Friday’s US Labor Market data as it was mixed. US Non-Farm Payrolls were weaker than expected and declined to 156 000 new jobs created in December. Unemployment Rate rose to 4,7% that was also worse than expected. However, Average Hourly Earnings grew to 0,4%. This last data gave some support to USD as further wage growth may cause inflation rise and result in Interest Rates hike. The most important events and statistics are to be released on Thursday and Friday this week.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair started an upside correction last week and we think it is going to go upwards this week again.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is below the MA55 balance line. We advise to do nothing today as the situations is still unclear. Wait for further US statistics.

GBPUSD

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The currency pair declined on Friday after the US Labor Market and Wage data. Trend has changed and we think there are risks of further decline of GBP/USD. However, Friday’s US data is already included in price and we think that the price may go back towards previous levels. We advise to do nothing today as the price is still far from the balance line.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was no tendency in fluctuations last week and we think this situation is likely to repeat 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 avoid trading today as the situation is unclear.

AUDUSD

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The currency pair declined on Friday’s US Labor Market data as it was mixed. However, AUD/USD still looks upwards and we think this tendency is going to continue. The price is close to the MA55 balance line and there is an opportunity to open long trades.

However, it is not a good idea to enter the market at the moment as the trendline is broken through and there are risks that the currency pair is going to further decline.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair had an upside correction last week. We think that it is going to move further upwards in the next couple of days.

There is the uptrend on the Hourly chart as the MA-channel goes upwards 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 had some growth on Friday after the US Labor Market data. USD/CHF had broken through the trendline. We think that the currency pair is going to continue its growth this week. There is still the uptrend but we think USD/CHF is going to reverse in the nearest future. WE give no recommendations at the moment as there is a probability of a reverse. It is better to wait for a while until the situation becomes clear.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair left 1,03000 and moved downside. We think that USD/CHF is going to be trading below this level in the next couple of days.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is above the MA55 balance line. We advise to avoid trading today as the situation is unclear.


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