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Analytics Technical analysis

Technical Outlook October 11, 2016

11 October 2016
EURUSD

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The currency pair declined again and established a triangle. There was no growth towards 1,1240. We recommended waiting for this target to open short trades. However, there was no opportunity to enter the market. We can see that the pattern for further downside tendency is developing at the moment. The currency pair is trading within the Friday’s range. This dynamics may last longer. As for events for today, we advise to pay attention to ZEW German Economic Sentiment. Economists forecast minimum changes for this statistics and it may have almost no impact on fluctuations.

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

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 open short trades fr om 1,11500-700 area.



GBPUSD

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The currency pair tried to touch the latest lows. It means that the decline may speed up in the nearest future. However, we advise to wait and not to take decision at the moment. It is important to see whether the downtrend takes place or not. If the downside tendency resumes, you may forecast further fluctuations. However, the situations is unclear at the moment. There is no important data from the UK today.

There is the downtrend on the Weekly chart as the price is below the MA55. The price declined last week and we expect some correctional growth to happen in the next couple of days.

The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to avoid trading today as the price is beyond the MA-channel.



AUDUSD

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The currency pair was in the uptrend towards 0,76250. There was an opportunity to open short trades from 0,76150-200. The price is in the area wh ere you may try to protect your positions by placing stops at breakeven level. Another opportunity is to fix your trades partially or completely and wait for the better opportunity to sell.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. Everything indicates on the probable strong downtrend. The scenario of further decline 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. We advise to hold short trades from 0,76150-200 area.



USDCHF

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The currency pair failed to make a downside correction. It means that there was no opportunity to open safe short trades from lower levels. However, USD/CHF is back to the uptrend and we may see this tendency to speed up in the nearest future. You may try to open long trades from the MA55 balance line. There is a probability that the price is not going to make a downside correction anymore.

There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. The currency pair had some growth and may continue this upside tendency this week.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. You may try long trades from the 0,98000-0,98100 area.

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