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Technical Outlook November 9, 2016

09 November 2016

EURUSD

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Donald Trump reached the necessary 270 votes to become 45th president of the USA. The currency pair had a sharp upside momentum today in the morning. USD was losing its positions on news telling that Trump was in the lead of the Presidential campaign. We advise to avoid trading at the moment as it is unclear what is going to happen next. There was a sharp momentum and then we have seen a correction, which won back all previously gained positions.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair reached 1,11500 level last week. However, the currency pair is going to be trading according to fundamental factors this week.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55 balance line. The volatility was large today in the morning. It is better to avoid trading at the moment.

GBPUSD

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The currency pair had weaker reaction on the US Presidential campaign results than the others. However, there was some growth and GBP/USD declines at the moment. Donald Trump won the elections with more than 270 votes necessary. We advise to take no decisions at the moment as the market situation is still unclear.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair growth last week was due to fundamental factors. We expect USD to resume its growth if Clinton wins the elections. However, there may be an upside momentum if Trump becomes the President.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55 balance line. There is an increase in volatility today in the morning.

AUDUSD

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The currency pair was trading in a different manner yesterday and today we see it clearly. However, everything is changing very fast and the direction of quotes is changing. We advise to wait until the situation normalizes in order to take any further steps.

There is the uptrend on the Weekly chart as the price is above the Moving Average with period 55. The situation is truly disputable and we advise to avoid trading at the moment. It is better to monitor simply fluctuations waiting for better opportunities. However, the scenario to reach 0,71800 is still actual.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. The volatility is growing and we advise to avoid trading at the moment.

USDCHF

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We have seen some volatility growth today as the US Presidential Campaign was coming to the end. We advise to avoid trading at the moment as the situation is still unclear. Donald Trump won the elections and fluctuations becomes more stable.

There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. The currency pair was trading downwards according to our expectations last week. It is hard to predict what it to happen this week as fundamental factors are going to influence fluctuations.

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


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