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Technical Outlook June 23, 2016

23 June 2016
23_06_2016_eur.jpgEURUSD



The EUR/USD Currency pair tries again to break through the trendline on the Hourly chart. This time the attempt may be successful. The descending trendline on the Weekly chart is also under “bombardment”. The breakthrough may happen later this week as I have written yesterday.

The Weekly chart shows the uptrend as the price is above the MA55. Quotes went down to the MA55 and trendline but then bounced from those levels, holding the upside tendency.

As for the Hourly chart, there is the uptrend here as the MA-channel reversed and the price is above the MA55. We advise to stay off the market today as “Brexit” Referendum has started already.
 

GBPUSD

23_06_2016_gbp.jpg

This Currency pair had a sharp upside momentum in the moment although it goes downwards at the moment. As I have mentioned yesterday, illogical fluctuations are possible today due to the British Referendum. All market participants are nervous and may take some contradictory steps. It is better to stay off the market and wait until the end of the event.

The Weekly chart shows the downtrend as the price is below the MA55. The Currency pair tries again to break the tendency. This is possible in case if the Great Britain stays in EU.

The Hourly char shows the uptrend as the MA-channel goes upwards and the price is above the MA55. We recommend staying off the market today as the “Brexit” referendum takes place.


AUDUSD

23_06_2016_aud.jpg

AUD/USD touches new highs. There is still some potential for further growth. However, today’s “Brexit” Referendum may change the situation. The additional support from Oil prices was lost as it went down below 50,00 yesterday.

The Weekly chart still shows the uptrend as the price is above the MA55. AUD/USD holds higher than the MA55 and may continue its grow this week.

The Hourly chart shows the uptrend as the price is above the MA55 and the MA-channel looks upwards. It is risky to take any decision due to the  “Brexit” Referendum. We recommend staying off the market today.
 

USDCHF

23_06_2016_chf.jpg

USD/CHF crumpled the trendline on the Hourly chart. However, this situation looks doubtful. True break through a trendline looks differently and we advise to close all the trades you have as the price is still close to the trendline. The “Brexit” Referendum may influence such a dynamic.

The Weekly chart shows the downtrend as the price is below the MA55. Quotes went down below the MA55 as we had expected. Further descending tendency is probable this week.

The Hourly chart shows the downtrend as the price is below the MA55 and the MA-channel looks downwards. We recommend staying off the market today because of the “Brexit” Referendum.

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