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Technical Outlook July 27, 2016

27 July 2016
EURUSD

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EUR/USD fluctuated in both directions yesterday and there were almost no changes by the end of the session. The market now is waiting for the main event of the week (FOMC meetings), which results are to be published today. We expect EUR/USD to trade within a limited range until this moment.

There is the downtrend on the Weekly as the price is below the MA55. EUR/USD may continue to decline this week if FOMC members make some hints on the Interest rates rise this year.

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.


GBPUSD

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GBP/USD continues to trade within a tight range waiting for the results of FOMC members decision. We expected such a dynamics. Today we expect EUR/USD to fluctuate within a triangle on the Hourly chart before the results of the FOMC meetings are published.

There is the downtrend on the Weekly chart as the price is below the MA55. WE expect the currency pair to continue downside tendency 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 expect GBP/USD to fluctuate within a tight range today. However, prepare for a probable rally this after the results of FOMC meetings are published.


AUDUSD

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There were almost no changes in AUD/USD yesterday as the ascending correction went on. Australian CPI data was published today in the morning. You may see the impact of this statistics on the chart. Figures were close to the forecast. Today we advise to pay attention to FOMC decisions and forecasts.

There is the uptrend on the Weekly chart as the price is above the MA55. AUD/USD declined and there is a probability that the downtrend may continue this week.

As for the Hourly chart, there is the uptrend here as the MA-channel looks upwards and the price is above the MA55. It is better to stay off the market today.


USDCHF

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We have drawn another big triangle as USD/CHF is trading within. The currency pair made significant growth yesterday, marking new highs from June, 1st. There was no change in trend yesterday as the market waits for the FOMC meetings today. The situation may develop another way after the end of the event. We recommend staying off the market at the moment.

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

As for the Hourly chart, there is the uptrend here as well as the MA-channel looks upwards and the price is above the MA55. It is better to avoid trading today.

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