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Technical Outlook July 4, 2016

04 July 2016
EURUSD

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EUR/USD had a moderate growth on Friday, touching new week’s highs. Price fell down to the MA55 several times allowing to open long trades. All 500 points targets were done. This week’s main event is US labor market data on Friday. Those figures will influence fluctuations for the next 5 days. Today we expect limited market activity due to the Independence Day in the USA.

The Weekly chart shows no trend as the price is still close to the MA55 area. EUR/USD is back to the MA55 and the broken trendline. It may resume downside tendency.

The Hourly chart shows the upside trend as the MA-channel moves upwards and the price is above the MA55. We recommend avoiding trading today because of the Independence Day’s holiday in the USA.


GBPUSD

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GBP/USD continued to slide down last week as the result of Mark Carney’s statements about the probability of the interest rate decrease in the nearest future. The price is unstable and it is very difficult to make profit in such market conditions. It is one of the main reasons why we advise to avoid trading today.

The Weekly chart shows the downtrend as the price is below the MA55. Cable continues the downside tendency because of the results of the “Brexit” Referendum.

The Hourly chart shows the downtrend as well as the MA-channel looks downwards and the price is below the MA55. We advise avoid trading because of the Independence Day holiday in the USA.


AUDUSD

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AUD/USD did not went down to the 0,74300 level. However, the price had done the target at 0,75000. This week we expect two main events for AUD/USD – RBA meetings and the US labor market data. Today’s market activity is expected to be limited due to the Independence Day holiday in the USA.

The Weekly chart shows the uptrend as the price is above the MA55. The Doji on the Weekly is not done as there was no reversal last week. We expect another test of the trendline this week.

The Hourly chart shows the uptrend as the price is above the MA55 and the MA-channel looks upwards. We advise to avoid trading today because of the Independence Day holiday in the USA,


USDCHF

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USD/CHF allowed traders to open short trades from the MA55 according to our recommendations and went about 600 points. The range was enough to take a 500 points profit.

The Weekly chart shows neutral trend as the price is close to the MA55. This week will determine further price tendency. At least we expect it.

The Hourly chart shows the downtrend as the price is below the MA55 and the MA-channel looks downwards. We recommend avoiding trading today because of the Independence Day holiday in the USA.

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