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Technical Outlook November 4, 2016

04 November 2016

EURUSD

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The currency pair made a sharp reverse from upside to downside. Investors decided to fix their positions before Fridays US Labor Market data to protect themselves from surprises. The majority of market participants knows that US Labor Market data releases every month and they try to avoid trading as it is too risky. You may try to open trades after the release if this data is to be better or worse than expected. However, we do not give any recommendations.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair was trading in a horizontal range last week. We think that a correction begins. It may last until 1,11500.

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 take no decisions before the release of the US Labor Market data today.


GBPUSD

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The currency pair had a considerable growth yesterday. London Court prevents British government from taking any further Brexit steps without Parliamentary approval. It means that May’s plans to start brutal Brexit on March 2017 are in danger. Market participants reacted immediately as there is a probability that this procedure is not going to be simple. Bank of England decided to leave current monetary policy unchanged. There is a very important US Labor Market data today and we give no recommendations as it is too risky to trade before the release.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was a correction last week and we expect the currency pair to continue this tendency in the nearest future.

The uptrend is progressing on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to avoid trading today as the price is close to the upper side of the MA-channel.


AUDUSD

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The currency pair approached the MA55 balance line and there was an opportunity to buy according to our recommendations. However, there was no further growth as the US Labor Market data is to be released today. The upper trendline was broken through and we think that the currency pair is going to continue its upside tendency in the nearest future. You may place stop losses at breakeven level and hold your opened trades.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair attempted to grow but declined in the end of the last week. We still have no idea how this situation is going to solve. However, there is a probability that the currency pair is going to reach 0,71800.

The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to hold long trades as long as it is possible according to the situation.


USDCHF

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The currency pair is in the area where the downside tendency may be broken. The MA-channel is horizontal and the price is above the Balance line. However, there is an important US Labor Market data today and we advise to avoid trading.

There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. There was no growth acceleration and we have seen the tendency to reverse last week. We expect this trend to continue in the nearest future.

There is no trend on the Hourly timeframe as the MA-channel is horizontal and the price is above the MA55 balance line. We advise to take no decisions at the moment.


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