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Technical Outlook November 17, 2016

17 November 2016

EURUSD

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The currency pair continued to decline offering no opportunity to open long trades according to our recommendations. The price failed to reach the trendline on the Hourly chart (we advised to place long trade order along this line). There was no change in tendency and we advise to search for short positions. The situation is unclear and we recommend looking for short trades from the MA55 balance line. However, in this case if the price reaches the MA55, the trend line will be broken through and the trend is going to change. We advise to avoid trading at the moment.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair established a tendency and will follow it in the nearest weeks. We expect the currency pair to make a correction this week after some short decline.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to take no decisions at the moment as the situation is unclear.

GBPUSD

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The currency pair offered an opportunity to open short trades if your stop loss was not close to the price. GBP/USD was in a profit area for 700 pips. The currency pair has a rather high volatility and you have to place stop losses at 250-300 pips from the price. We advise to look for short trades today.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair growth last week was influenced by several reasons last week. We expect the currency pair to grow towards 1,28000 this week. Then, there is a probability of a decline.

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

AUDUSD

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The currency pair continues its decline punishing all those who have opened short trades yesterday. Stop losses triggered as we have sold AUD/USD before without any tendency on the chart. The currency pair established new weekly lows. The downtrend is progressing. We advise to try short trades from the MA55 balance line.

There is still the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair established a downside tendency last week and we had to adjust the trendline. However, we still believe that AUD/USD is able to reach 0,71800 in the nearest future.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to open short trades from the MA55 balance line. Place stop losses above the curve.

USDCHF

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The currency pair reached new highs yesterday. USD/CHF crossed the trendline on the Hourly chart today in the morning. The uptrend becomes weaker. However, we still have the upside tendency and we advise to open long trades from the MA55 balance line only. If the price crosses the MA55 we will have another sign of a tendency to change. We recommend fixing positions in this case.

There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. USD/CHF established an upside tendency after the US Presidential elections. We expect the currency pair to grow towards 1,0000.

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 the curve.


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