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Technical Outlook July 26, 2016

26 July 2016
EURUSD

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EUR/USD “is waiting” for the results of the FOMC meetings which are to be published tomorrow. The price is in a correction. We think that there is probability of range trading before the event. Yesterday’s positive Ifo data helped EUR/USD to gain some positions. US data that is to be published today, will probably have almost no influence on fluctuations.

There is the downtrend on the Weekly chart as the price is below the MA55. EUR/USD may continue to slide down this week if FOMC members forecast a probability of rates growth within this year.

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. EUR/USD is close to the MA55 which is favorable for short trades. However, the upcoming events may limit fluctuations this week.


GBPUSD

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GBP/USD was in a tight range on Monday awaiting for the results of the FOMC meetings. Today we expect this dynamics to continue. There is a triangle on the chart. We think that GBP/USD’s fluctuations are to develop within the sides of this pattern.

There is the downtrend on the Weekly chart as the price is below the MA55. We expect GBP/USD to continue its downside tendency this 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. GBP/USD may continue to trade within the triangle that we have mentioned above.


AUDUSD

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AUD/USD continues its ascending correction along the trendline. All short positions were unsuccessful as the correction went on. However, those trades were with low risks. Those fluctuations are influenced by the upcoming FOMC meetings.

There is the uptrend on the Weekly chart as the price is above the MA55. AUD/USD declined and we expect it to go down further this week.

As for the Hourly chart, there is the downtrend here as the MA-channel looks downwards and the price is close to the MA55. We advise to avoid trading at the moment.


USDCHF

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USD/CHF continues to trade within a tight range. Current tendency seems to be change in the nearest future. However, USD/CHF may decline, if FOMC members decide to postpone rates growth.

There is the uptrend on the Weekly chart as the price is above the MA55. We expect the uptrend 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. We advise to avoid trading today.

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