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Technical Outlook October 13, 2016

13 October 2016
EURUSD

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The currency pair continued to go downwards before the FOMC Meeting Minutes yesterday. After the release of this data, EUR/USD remained calm as there was nothing new or interesting. FOMC members still discuss the probability of interest Rates hike and have no clear decision to take. However, it is to notice that Fed had released a new economic projection with lower economic growth estimates. There was no opportunity to open short trades as the price had no correction to an area, suitable for entering the market.

There is still no trend on the Weekly chart as the price is close to the MA55. The currency pair left the range downwards and we expect EUR/USD to continue its downside tendency this week.

The downtrend is in progress 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 from the MA55 area. Place stops at will.



GBPUSD

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The currency pair offered an opportunity to open short trades from the MA55 balance line. GBP/USD declined for about 1400 pips from the curve. You had an opportunity to take your profit for this trade. FOMC Meeting Minutes shows that discussion around the probability of Interest Rates hike still goes on. There is no clear decision. This event had almost no impact on the currency pair and we expect GBP/USd to continue its moderate downtrend.

There is still the downtrend on the Weekly chart as the price is below the MA55 balance line. There was no correction and we think that the currency pair is going to continue its downside tendency in the nearest future.

The downtrend is in progress 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 from the MA55 balance line.



AUDUSD

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The currency pair goes down towards the lower side of the downside channel and may even break it through. If this happens, AUD/USD has chances to accelerate its decline. We advise to hold short trades. There is a probability that the downtrend is going to speed up today. The target will be reached in this case.

There is still the uptrend on the Weekly chart as the price is above the MA55. Everything indicates on the sharp decline of the currency pair in the nearest future. The scenario of the downside move towards 0,71800 is still actual.

The downtrend is progressing 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. The target for this downside tendency is at 0,72000.



USDCHF

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The currency pair continued its growth yesterday. However, the upside tendency was moderate. There was no correction to open long trades from 0,98400-600 area. FOMC Meeting Minutes had almost no impact on the currency pair. We expect the currency pair to continue its moderate growth.

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

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. The uptrend decreases its speed and we advise to take no decision at the moment.

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