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Technical Outlook July 25, 2016

25 July 2016
EURUSD

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EUR/USD reached month lows on another set of strong US data. The probability of interest rates growth becomes higher with every new positive economic statistics. Eurozone PMIs showed minimum impact from Brexit to Eurozone economics. However, we did not seen any growth in EUR/USD. Presently, investors pay attention to forthcoming FOMC meetings which takes place this week. The results of this event will influence EUR/USD fluctuations.

There is the downtrend on the Weekly chart as the price is below the MA55. EUR/USD may continue to decline this week if FOMC forecasts interest rates growth this year.

There is the downtrend on the Hourly chart as well as the MA-channel goes downwards and the price is below the MA55. It better to avoid trading EUR/USD at the moment as the price is far from the MA55.


GBPUSD

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GBP/USD did not confirm the breakthrough of the trendline in a sharp manner. There are two main reasons for this: first, those attempts were made during Asian session; second, there was no correction to the broken trendline. GBP/USD broke through this trendline again in the opposite direction. UK PMI data, published on Friday, was negative.

There is the downtrend on the Weekly chart as the price is below the MA55. We expect the downside tendency to resume this week.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. Today GBP/USD may trade within a range.


AUDUSD

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AUD/USD slides down and breaks through the trendline. The price is below the trendline at the moment and is close to the MA55. This is a good opportunity to open short trades with low risks.

There is the uptrend on the Weekly chart as the price is above the MA55. AUD/USD declined and we expect that this downside tendency may continue this week.

There is the downtrend on the Hourly chart as the MA-channel looks downwards and the price is close to the MA55. We advise to hold short trades from the MA55. Targets are at 0.7435 and 0.7405. Those who failed to open short trades from the MA55, may try to do it at the moment, placing stop at 0,7490.


USDCHF

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USD/CHF broke through the trendline, although it was not legible as the Currency pair is in flat at the moment. We advise to change the position of the trendline according to new market conditions. We advise to skip such breakthrough as there is no clear trend on the chart.

There is the uptrend on the Weekly chart as the price is above the MA55. We expect this tendency to continue this week.

As for the Hourly chart, there is no trend here as the MA-channel is horizontal and the price is close to the MA55. It is better to avoid trading today.

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