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Technical Outlook July 14, 2016

14 July 2016
EURUSD

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EUR/USD grew from the MA55 to the descending trendline on the Hourly chart. However, the test of the trendline was not successful. The Currency pair was unable to cross it. We recommended opening long trades from the MA55 and you could earn about 500 points in this case. We also advised to sell from the descending trendline on the Hourly chart. You could earn 200 points only in this case allowing you to protect positions. Today in the morning, EUR/USD retests the descending trendline. We expect that this time it will cross the inclined resistance.

There is the downtrend on the Weekly chart as the price is below the MA55. EUR/USD confirms the downside tendency.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We expect the downtrend to resume. You may try long trades from the MA55 or even a bit lower targeting the upper side of the channel.


GBPUSD

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GBP/USD went down yesterday, losing a part of gained positions on the eve of the MPC meetings. Many investors expect further easing of monetary policy after the “Brexit” Referendum. GBP/USD may go down further in case if Bank of England decides to cut rates.

There is the downtrend on the Weekly chart as the price is below the MA55. First correction may end today, after the MPC meetings.

AS for the Hourly chart, there is the uptrend here as the MA-channel goes upwards and the price is above the MA55. It is better to avoid trading as sharp fluctuations are probable.


AUDUSD

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AUD/USD rebounded off the MA55 and you could close your trades with additional 500 points in your pocket according to our recommendations. Today further growth of AUD/USD is probable targeting 0,78000.

There is the uptrend on the Weekly chart as the price is above the MA55. The trendline is broken through and we expect further growth towards 0,78000.

There is the uptrend on the Hourly chart as the MA-channel looks upwards and the price is above the MA55. We advise to try long trades as the uptrend as the uptrend may continue.


USDCHF

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USD/CHF went below the MA55. All long trades were unsuccessful. Today the price may cross the trendline on the Hourly chart and you may use this opportunity.

There is the uptrend on the Weekly chart as the price is above the MA55. The ascending tendency is still weak and requires confirmation.

AS for the Hourly chart, there is the uptrend here as well as the MA-channel looks upwards, although the price is below the MA55. We recommend opening short trades if price crosses 0,9820. Those trades are countertrend ones and we advise to decrease volume.

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