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Technical Outlook October 18, 2016

18 October 2016
EURUSD

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The currency pair was in upside correction yesterday and today in the morning the growth accelerated. There are some signs of future change in tendency. There is no reverse at the moment. However, some technical factors indicates this probability in the nearest future. The trendline on the Hourly chart was broken through and the price is growing above the MA55 balance line. It is necessary to wait until the MA-channel reverses upwards. Then you may try to search for signals to open long trades. There is an important US CPI y/y data today. It may have significant impact on fluctuations.

There is no trend on the Weekly chart as the price is close to the MA55. The currency pair was in a downtrend last week. We expect EUR/USD to be in a correction this week.

The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is above the MA55. It is better to take no decision at the moment and wait until the tendency to reverse.



GBPUSD

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The currency pair move closed to the MA55 balance line during European Session yesterday and there was an opportunity to open short trades according to our recommendations. GBP/USD then went downwards for about 600 pips allowing to take significant profit. The currency pair tries to change its tendency today in the morning as it is higher than the MA55 balance line. There was a breakthrough of the trendline on the Hourly chart indicating the probability of reverse. An important UK CPI y/y data is expected today. The currency pair may finally change its tendency after this data.

The downtrend is in progress on the Weekly chart as the price is below the MA55 balance line. The currency pair declined last week and this scenario is likely 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. We advise to take no decision at the moment and wait for the tendency to reverse.



AUDUSD

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The currency pair broke through the trendline and accelerated its growth in the morning. There was a reverse on Friday and yesterday’s fluctuations confirm this tendency. The currency pair tries to cross the trendline on the Hourly chart according to our expectations. It is too risky to open long trades at the moment. It is better to wait until the price corrects.

There is still the uptrend on the Weekly chart as the price is above the MA55 balance line. There is no sharp decline of the currency pair. The scenario for AUD/USD to decline towards 0,71800 is still under question and may be canceled.

The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to open long trades from the MA55 balance line area. Place stops at will.



USDCHF

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The currency pair is still trading within a range with no signs of trend. However, USD/CHF has crossed the trendline on the Hourly chart. This fact indicates on the probability of further downtrend. However, this downside tendency is still unclear.

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. We expect USD/CHF to be trading with no trend this week.

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 decision at the moment as the situation is unclear.

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