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Technical Outlook June 28, 2016

28 June 2016
EURUSD

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EUR/USD continues to trade within the range as it went back to the MA55. The MA-channel is still unstable and it is still useless to analyse it. Today’s US data is very important for the market. This statistics will show whether the market recovers from Friday’s events or not.

The Weekly chart shows the downtrend as the price is below the MA55. EUR/USD went below the ascending trendline and made a breakthrough by closing lower than this line.

The Hourly chart shows the downtrend as the MA-channel goes downwards and the price is close to the MA55. We recommend staying off the market today as the channel is still unstable.
 

GBPUSD

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GBP/USD continued its run to new historical lows. MA-channel is still unstable and the volatility is still too high. Trading range was too large in the morning counting 1200 pips (5 figures). It means, that volatility is twice higher than usual.

The Weekly chart shows the downtrend as the price is below the MA55. “Cable” fell down because of the results of the “Brexit” Referendum. The downtrend is confirmed.

As for the Hourly chart, we can see the downtrend here as the price is still out of the MA-channel range. We advise to avoid trading today as there is still too high volatility on the market.
 

AUDUSD

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AUD/USD is close to recovery after Friday’s events. The price approaches the MA55 (this area is suitable for short trades). However, the MA-channel is still unstable. Yesterday’s downside moves are results of the Oil downtrend. It is important to notice that Oil broke through the trendline which may affect AUD/USD.

The Weekly chart shows the uptrend as the price is above the MA55. AUD/USD holds its positions above the curve regardless the results of the “Brexit” Referendum. However, we have a Doji on the Weekly indicating the probability of trend reversal.

The Hourly chart shows the downtrend as the price is below the MA55 and the MA-channel looks downwards. It is a good area for short trades and you may try them close to the MA55. We recommend placing stop loss behind 0,74600.


USDCHF

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USD/CHF approaches the MA55 and you may try long trades here. However, it is to mention, that the rally goes hardly. It is better to manage risks and protect your positions in time by moving stop loss to the opening level. Today’s US data will show if the market recovers from Friday’s events.

The Weekly chart shows no trend as the price is close to the MA55. However, rally is possible due to the results of the “Brexit” Referendum.

As for the Hourly chart, there is the uptrend here already as the price is above the MA55 and the MA-channel looks upwards. You may try long trades from this curve with low volume.

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