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Technical Outlook October 24, 2016

24 October 2016
EURUSD

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FOMC member’s comments gave some support to USD on Friday. The currency pair is still under pressure. However, German and French PMI data, which has a positive bias, holds EUR/USD close to the opening level. It is to say, that FOMC members increased Interest Rate hike odds during their Friday’s speeches. Two FOMC members (Dudley and Bullard) are going to give their comments today. Those officials are “hawks” and they may give additional support to USD today in the afternoon. There was no opportunity to open short trades according to our recommendations as the price did not go to the MA55 balance line. We expect the dynamics of fluctuation to copy the last week’s one.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The upside correction was short time. We expect the currency pair to continue its downtrend in 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 give no recommendations as the price is still too far from the MA55 balance line. It is better to wait until the situation is more stable and clear.



GBPUSD

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The currency pair offered an opportunity to open short trades on Friday from the trendline on the Hourly chart. There was an opportunity to take profit as the currency pair went down for some 800 pips. We expect GBP/USD to have a downside bias this week. There is an important manufacturing orders data today. However, this release may have no impact on the currency pair. Today’s MPC member Shafik speech had no influence on fluctuations. However, we advise to pay attention to tomorrows Bank of England head’s speech as it may cover further monetary policy issues.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. GBP/USD was in correction last week. We expect the currency pair to hold this downside bias 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. There is a kind of a triangle on the Hourly chart and we expect the price to leave it downwards. However, there are some doubts and we give no recommendations.



AUDUSD

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The currency pair was in a downtrend for two past days and there is a need in a correction at the moment. We give no recommendations. It is better to avoid trading as the situation is unclear. However, we still believe that the currency pair has enough power to go downwards. It needs some time to implement this scenario.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair had made some attempts to grow. However, it declined in the dying moment of the last week. We have no idea what is to happen in the nearest future. However, we believe that there is a probability of further decline towards 0,71800.

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 avoid trading at the moment.



USDCHF

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The currency pair was in a downside correction. However, the decline was short. The price is close to the MA55 balance line and there is an opportunity to search for long trades from this moving average.

There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. The currency pair had an upside bias last week. We expect USD/CHF to accelerate its growth in the next couple of days.

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. Place stops below the curve.

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