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Technical Outlook November 8, 2016

08 November 2016

EURUSD

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The currency pair declined yesterday on the eve of the US presidential elections. FBI will not institute proceedings against Clinton. This news supported USD. US Presidential elections have already started and we will soon know the results of this campaign. We advise to avoid trading at the moment as technical analysis may fail at any moment and the volatility is expected to be high.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair almost reached its target at 1,11500 last week. We expect the currency pair to be trading according the results of the US Presidential campaign.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the Moving Average with 55 period. We can see the tendency to break and the volatility to increase in the eve of the US Presidential elections.


GBPUSD

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The currency pair changes its tendency on Monday as USD started its uptrend. The expectations that Clinton is going to win elections grow and USD rules the market as US Presidential elections is the main event for today and even for this week. We advise to avoid trading today as technical analysis may fail and the volatility is growing.

The downtrend is in progress on the Weekly chart as the price is below the Moving Average with 55 period. The currency pair growth last week was due to fundamental factors. We expect USD to resume its uptrend this week if Clinton is going to win the elections.

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 avoid trading today before the release of the results of the US Presidential elections. The situation is still unstable.


AUDUSD

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The currency pair did some steps yesterday that may be a sign of further AUD/USD growth. There is an opportunity to open long trades from the MA55 balance line at the moment. However, we advise to wait until the end of the US Presidential elections which take part today. We expect the volatility to grow and trading is too risky at the moment.

There is the uptrend on the Weekly chart as the price is above the Moving Average with 55th period. The situation is still unclear and we advise to continue to monitor the chart. However, there is still the probability of the downside move towards 0,71800.

The Hourly chart shows the uptrend as the MA-channel goes upwards and the price is close to the balance line (MA55). We advise to take no decisions at the moment as the situation is still unclear.


USDCHF

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There was an opportunity to open long trades today. However, we advise to avoid taking any actions before the release of the results of the US Presidential elections. It is too risky to enter the market at the moment as the volatility may increase anytime.

There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. The currency pair was trading in a downside bias according to our expectations. It is still hard to determine a bias of fluctuations as everything depends on the results of the Presidential elections.

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 at the moment as the situation is still unclear.


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