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Technical Outlook July 22, 2016

22 July 2016
EURUSD

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There were sharp fluctuations in EUR/USD during yesterday’s ECB meetings and Mario Draghi press-conference. European Central Bank Committee decided to leave current monetary policy unchanged as we expected. However, ECB members plan to increase stimulation volume on September. You could open short trades from 1,1040 according to our recommendations. You had some opportunities to protect your positions as well. Today we advise to pay attention to Eurozone and US PMIs.

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

As for the Hourly chart, we have no trend here as the MA-channel is horizontal and the price is close to the MA55. We advise to avoid trading EUR/USD at the moment.


GBPUSD

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GBP/USD fluctuated in different directions and went down during European session due to weak Retail Sales data in the United Kingdom. You had an opportunity to open short trades from the trendline on the Hourly chart. GBP/USD made a 700 points’ downside momentum. We can state some changes in trend on the Hourly chart. There is a breakthrough of the descending trendline. Today we advise to pay attention to UK and US PMIs.

There is the downtrend on the Weekly chart as the price is below the MA55. We think, that the upside correction is done already.

As for the Hourly chart, we can state the uptrend here as the MA-channel goes upwards and the price is above the MA55. You may try long positions. However, it is better to wait until the breakthrough is confirmed.


AUDUSD

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AUD/USD made no attempts to cross the trendline on the Hourly chart yesterday. You could open short trades from the MA55 with stops at 250 points from the price. Those trades give some results today in the morning. It is time to protect your positions. Today we expect the attempts to break through the trendline.

There is the uptrend on the Weekly chart as the price is above the MA55. AUD/USD declined in the final minutes of Friday and closed last week below the trendline. The Currency pair may resume the downtrend.

AS for the Hourly chart, we may see here the downtrend as the MA-channel looks downwards and the price is below the MA55. We advise to hold short trades from the MA55 aiming 0,7435 and 0,7405.


USDCHF

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USD/CHF rebounded from the trendline on the Hourly chart. If you entered long trades, you could take about 400 points as profit. You could also protect your positions before the ECB meeting results. Today we expect a breakthrough of the trendline on the Hourly chart. However, there is still no confirmation.

We can see 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, there is no trend here as the MA-channel is horizontal and the price isclose to the MA55. It is better to do nothing today.

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