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Technical Outlook July 15, 2016

15 July 2016
EURUSD

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EUR/USD was in a sharp rally yesterday and moved from the MA55 to the upper side of the channel according to our expectations. It was a good opportunity to earn some 600-700 points. Today the upside tendency still actual. However, last week’s high is not broken through. There is still a probability of decline.

The Weekly chart shows the downtrend as the price is below the MA55. EUR/USD resumed downside tendency according to classic technical analysis.

As for the Hourly chart, there is the uptrend here as the MA-channel goes upwards and the price is above the MA55. I expect the downtrend to resume. It is better avoid long trades as the upside momentum is already done.


GBPUSD

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GBP/USD resumed its growth. The MPC took a decision to leave current interest rate on the same level and to treat its’ cut during the next meeting. There was a short momentum.

The Weekly chart shows the downtrend as the price is below the MA55. First ascending correction goes on as the Monetary Policy Committee has taken a decision to postpone the rate cut.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. It is better avoid trading today as the price is above the MA-channel range.


AUDUSD

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AUD/USD traded in a small range and rebounded from the MA55. It was a good opportunity to earn 400 points according to our recommendations. Today in the morning, the Currency pair tries to break the range upwards although we expected new highs yesterday. It is probable, that today AUD/USD aims 0,78000.

There is the uptrend on the Weekly as the price is above the MA55. The breakthrough of the trendline is probably done. We expect further growth aiming 0,78000.

As for the Hourly chart, there is the uptrend here as the MA-channel looks upwards and the price is above the MA55. You may try long trades from current levels placing stops at 0,76300.


USDCHF

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USD/CHF overcame control level at 0,98200. However, the Currency pair did not go back to it. The price made about 500 points after the breakthrough of the level. Finally, it confirmed the downtrend.

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

As for the Hourly chart, we may see the downtrend here as the MA-channel looks downwards and the price is below the MA55. You may try short trades from the MA55.

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