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Technical Outlook October 25, 2016

25 October 2016
EURUSD

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Both stronger than expected US Manufacturing PMI data and FOMC members’ comments allowed EUR/USD to go down during American Session confirming that the downtrend is still actual. However, there was no clear tendency yesterday. We expect this dynamics to continue today and we give no recommendations for trading. There is an important data during American session (CB Consumer Confidence). We advise to pay attention to it. However, this data may have no influence on fluctuations.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The upside correction was short and limited. We expect the currency pair to continue to decline 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 advise to avoid trading as the situation is unclear.



GBPUSD

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The currency pair left a tringle confirming our yesterdays’ hesitations. We thought that after a strong downtrend the price is going to correct and there was an opportunity to start a correction in the beginning of the week. There is no important UK data today. However, we advise to pay attention to Bank of England Head’s Carney speech. The correction is likely to continue during today’s sessions.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was some correction last week and we expect the price to correct during this week as well.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55 balance line. We advise to avoid trading as the situation is still unclear.



AUDUSD

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The currency pair is going into a correction phase. There is no clear bias and we give no recommendations. Trend looks downwards. However, the price is doing a correction before it may go further downside. The currency pair is above the MA55 balance line and there is a probability of a reverse.

There is still the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair made some attempts to grow. However, it declined in the dying moments of the last week. We have no idea how this situation is going to develop. However, the scenario of 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 above the MA55 balance line. We advise to avoid trading at the moment as the situation is still unclear.



USDCHF

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The long trades from the MA55 area were unsuccessful and short stop losses triggered. The uptrend is slowing down and there is a probability of reverse even today. Anyway, it is better to avoid trading in this situation as there are many question concerning further fluctuations.

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

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is below the MA55 balance line. We advise to avoid trading as the situation is still unclear.

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