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Technical Outlook November 7, 2016

07 November 2016

EURUSD

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Friday’s US Labor Market data was not surprising and market reaction to it was quiet. This new week started with a sharp USD growth as FBI decided to not to institute the proceedings against Clinton. The main event for the upcoming days is US Presidential elections. They are to take place on Tuesday. We advise to avoid trading today and tomorrow as technical patterns may be broken. We expect the volatility to grow considerably. According to the latest interviews, Hillary Clinton has some advantage again.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair reached 1,11500 target last week. We expect US Presidential elections to have a considerable impact on the currency pair.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55 balance line. We advise to take no decisions today as the US Presidential elections are coming soon and we have seen the tendency to be broken on the eve of this important event.


GBPUSD

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The currency pair continued its growth as the High Court of London vetoed the Brexit procedure without parliamentary approval. It means that The Brexit may be delayed. This event influenced the currency pair for two days. However, during weekend there was another important news coming from the USA and GBP/USD bias changed to downside. We expect the currency pair to react on all events concerning the US Presidential campaign.

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 some fundamental factors. We expect USD to continue its upside tendency if Clinton wins the elections.

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 avoid trading as we expect the volatility to grow on the eve of the US Presidential elections.


AUDUSD

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Long trades were fixed at breakeven level as there was no further growth. We think that the currency pair may fall any moment as the time for growth is already in the past. However, we advise to wait until the results of the US presidential elections in order to take any further steps.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The situation is still disputable at the moment and we advise to take no decisions. However, we think that the currency pair may reach 0,71800.

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 before the release of the results of the US Presidential elections.


USDCHF

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The currency pair is still trying to break a downside correction. The volatility is growing on the eve of the US Presidential elections. We advise to avoid trading at the moment as it is still unclear who is going to win the elections.

There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. The currency pair declined according to our expectations. It is hard to establish a clear direction as everything depends on the US Presidential elections results.

There is no trend on the Hourly chart 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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