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Technical Outlook July 21, 2016

21 July 2016
EURUSD

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EUR/USD did an upside correction yesterday according to our expectations. The trades that we recommended failed to open as the price did not reach the acceptable levels for short positions. Today is a very important day for EUR/USD as the ECB meeting takes place. There is a probability that further stimulation measure will be accepted. In this case, EUR/USD will be under pressure.

There is the downtrend on the Weekly chart as the price is below the MA55. EUR/USD is going to make another downside momentum. This may happen during the week.

As for the Hourly chart, there is the downtrend here as well as the MA-channel goes downwards and the price is below the MA55. You may try short positions from the 1,1040/50 area.


GBPUSD

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GBP/USD did some growth yesterday because of strong Labor market data in GB. Short positions, that we have recommended, were unsuccessful. However, you had an opportunity to close them at breakeven. Today we advise to pay attention to the Retail Sales data. If this statistics is weak, the downside tendency may resume.

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

As for the Hourly chart, there is the downtrend here as well as the MA-channel goes downwards although the price is still above the MA55. You may try short orders from the trendline on the Hourly chart (1,3220/40 area). We recommend placing stops above the trendline.


AUDUSD

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AUD/USD continued to go down towards the trendline on the Hourly chart. Hort positions failed to open as the price did not get the orders. Today we expect some “fight” near the trendline. AUD/USD may break it through or not. Technical indicators show the probability of breakthrough on the Hourly chart.

There is still the uptrend on the Weekly chart as the price is above the MA55. AUD/USD declined and closed the last week below the trendline in the final minutes of Friday. The downside tendency may continue this week.

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


USDCHF

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USD/CHF tried to reach the upper trendline on the Hourly chart. Those attempts failed. There was no opportunity to enter the market as the price did not decline to the MA55. The price is currently close to the lower trendline. We expect a rebound from it.

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

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 the trendline, placing stops below this line.

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