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Technical Outlook July 20, 2016

20 July 2016
EURUSD

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All short positions from the MA55 area were successful. EUR/USD was under pressure yesterday due to the ZEW economic sentiment data and strong US stats. Greenback has got a significant support. You could take about 700 points of profit. Today we expect correction and there is the probability of downside tendency to develop.

There is the downtrend on the Weekly chart as the price is below the MA55. EUR/USD is ready to another downside momentum. We expect this to happen during the week.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. You may try short trades from the 1,1030/40 area.


GBPUSD

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GBP/USD declined on British data although the figures were rather good. Inflation data has no influence on the decisions of the Monetary Policy Committee. There are other issues to overcome. That is why, markets did not pay attention to 0,5% CPI y/y growth. The greenback has got some strong support after yesterday’s US data. GBP/USD was not close to the MA55 and there was no opportunity to open short trades. We advise to pay attention to the Labor Market data in the United Kingdom today.

There is the downtrend on the Weekly chart as the price is below the MA55.An upside correction is probably done.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. You may try sells from the 1,3160 area.


AUDUSD

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AUD/USD declined yesterday. However, during American session there was a correction. Today we expect the correction to continue. We also think that the decline may resume during European or American session.

There is still the uptrend on the Weekly chart as the price is above the MA55. AUD/USD declined in the last several minutes on Friday and closed the week below the trendline. It indicates a probable decline during the current week.

There is the downtrend on the Hourly chart as the MA-channel looks downwards and the price is below the MA55. You may try short trades from the 0,7525 area.



USDCHF

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USD/CHF has done 500 points way upwards. We expect that the Currency pair growth resumes today or tomorrow. The target is at the upper trendline on the Hourly chart. Greenback has got a significant support from investors this week.

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

The Hourly chart shows the uptrend as the MA-channel looks upwards and the price is above the MA55. You may try short trades from the MA55 area.

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