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Technical Outlook July 28, 2016

28 July 2016
EURUSD

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EUR/USD had a considerable and sharp growth after the results of the FOMC meetings were published. FED members noticed that market conditions and US economic outlook improved. Interest rates may grow this year. However investors expected more obvious hints from the FOMC members after a sequence of positive US data. Monetary policy tightening expectations for the next FOMC meetings decreased. There is an opportunity to try long trades.

The downtrend is still developing on the Weekly chart as the price is below the MA55. FOMC hints on the probable interest rates rise were vague. We expect “bulls” to take advantage of the situation.

The situation changed on the Hourly chart as we can see the uptrend here. The MA-channel goes upwards and the price is above the MA55. We advise to open long trades in case if the price goes back to the MA55.


GBPUSD

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The triangle was broken upwards and there are some opportunities to trade long. FOMC members made some unclear hints on the probability of monetary policy tightening this years. In addition, British GDP growth was better than expected. There is a probability of this growth to continue for some time.

The downtrend is still in progress on the Weekly chart as the price is below the MA55. WE expect some growth this week because of the results of the FOMC meetings.

As for the Hourly chart, there is the uptrend here as the MA-channel goes upwards and the price is above the MA55. We advise to open long trades from the MA55 area or broken through trendline area. Stops may be placed below the MA55.


AUDUSD

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AUD/USD did significant fluctuations during yesterday. However, it could restore all positions after the FOMC meetings and even had some growth. The currency pair continues its moderate growth this morning. We expect the upside tendency to go on.

The uptrend on the Weekly chart is still in progress as the price is above the MA55. The FOMC meetings may have a considerable impact on AUD/USD fluctuations and we expect the rally to continue.

The MA-channel looks upwards indicating the uptrend on the Hourly chart. In addition, the price is above the MA55. We recommend opening long trades from the MA55 if AUD/USD returns back to it.


USDCHF

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We have noticed yesterday that the situation may considerably change after the FOMC meetings. USD/CHF decreased significantly and tries to break through the trendline today in the morning on the Hourly chart. This happens during Asian session. However, things may change during the day.

The uptrend on the Weekly chart is still in progress as the price is above the MA55. USD/CHF may end this week in the negative area because of the results of the FOMC meetings.

No trend is seeing on the Hourly chart as the MA-channel is horizontal and the price is below the MA55. It is better to avoid trading before there is no clear direction.

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