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Technical Outlook October 10, 2016

10 October 2016
EURUSD

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The currency pair went upwards after the release of the US Labor Market data. As we had previously noticed, investors played a better scenario in advance. Final results did not met the expectations as Non-Farm Payrolls declined as compared to the previous meaning. It is to say that the US Labor Market data was not too bad as the number of payrolls is still above 100K. Market attention switches towards US FOMC Minutes this week. This data is to be released on Wednesday.

There is no trend on the Weekly chart as the price is close to the MA55. The currency pair is trading within a limited range and we expect this dynamics to continue in the next couple of days.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is above the MA55 balance line. Today we have a controversial situation and we advise to take no decisions. You may try to open short trades in case if the price goes up to 1,12400



GBPUSD

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The currency pair had strong volatility today in the morning and did a huge 5000 pips burst. There is no balance in GBP/USD fluctuations and we advise to avoid trading. It is better to wait until the situation is clearer. The trend is still downside however, it is better to wait a couple of days for some signals. It is too risky to open trades at the moment as the price is still beyond the MA-channel.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair declined last week and there is a probability of a correction.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. It is better to avoid trading today as the price is close to the lower side of the MA-channel.



AUDUSD

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The currency pair had broken the technical image on the important US Labor Market data. The strong downtrend is on the way according to the Weekly chart. We advise to watch for market changes and try to do your best to catch the upcoming tendency in the beginning. The downside move may start later.

There is still the uptrend on the Weekly chart as the price is above the MA55 balance line. Everything indicates on the probable decline of the currency pair in the nearest future. The scenario for AUD/USD to go towards 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. You may try to open short trades from 0,76000-0,76500 area. Place stop losses above the trendline at 0,76600 are or higher.



USDCHF

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The currency pair fluctuated according to the US Labor Market data on Friday. The technical image was broken. However, we still have the uptrend and there is an opportunity to open long trades according to the situation. Today we expect Swiss Unemployment Rate data. However, it may have no impact on the currency pair.

There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. The currency pair went upwards a bit, and may continue to grow this week.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is below the MA55. You may try to open short trades from 0,97400-500.

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