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Technical Outlook June 19, 2017

19 June 2017

EURUSD

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The currency pair executed an expected maneuver and those who risked open long trades, are in profit now. Buy positions from 1,11400 were successful and the price had almost no correction. Risks were low, as we placed stop losses close to the strike price. There was an opportunity to close trades at 1,11850 level. There is not much data this week, but we advise to pay attention to the Federal Open Market Committee and the Bank of England member’s comments. Those speeches are able to influence quotes.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The price attempted to decline last week and had a small downside tendency according to our expectations. We think that EUR/USD is likely to develop its decline in the next couple of days.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is above the MA55 balance line. We advise to avoid trading today as the situation is unclear.

GBPUSD

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The currency pair was trading in a tight range on Friday and changed its tendency from upside to neutral. GBP/USD attempted to go upwards last week, but failed to do it. We think that this may lead to a decline in the nearest future. It is better to do nothing at the moment as there is no clear tendency.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair held its positions last week due to the better than expected UK CPI data and the increased number of hawks in the Bank of England’s Monetary Policy Committee. We think that GBP/USD is likely to decline last week.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is close to the MA55 balance line. We advise to avoid trading today as the situation is unclear.

AUDUSD

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The currency pair failed to decline and the upside tendency resumed on Friday. We gave no recommendations, as there was no change in tendency. We think it is time to look for long trades according to the current market tendency.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair continued its growth frustrating our expectations. We think that AUD/USD is likely to develop its upside tendency in the next couple of days.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to open long trades from the MA55 balance line. Place stop losses below this indicator.

USDCHF

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The currency pair corrected towards the MA55 balance line and we think it is time to look for long trades. However, there is enough space for further growth according to the technical analysis. We expect USD/CHF to start its upside tendency in the nearest future.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair had an expected growth last week. We think it is gong to develop its upside tendency in the next couple of days.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is close to the MA55 balance line. We advise to avoid trading today as the situation is unclear.


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