Forex trading! S: support.adamantfinance M: info@adamantfinace.com Registration
Analytics Technical analysis

Technical Outlook October 4, 2016

04 October 2016
EURUSD

04_10_2016_eur.jpg

The currency pair was in a range during European session. US manufacturing data was better than expected. Actual index is at 51,5 comparing with previous meaning at 49,4. This statistics gave some additional support to USD and the currency pair declined. US data plays crucial role at present. There is no important data from US today and we expect the currency pair to decline moderately after yesterday’s statistics.

There is no trend on the Weekly chart as the price is close to the MA55. The currency pair is trading within a tight range. We expect this dynamics to continue for the whole week.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is below the MA55. We advise to avoid trading today.



GBPUSD

04_10_2016_gbp.jpg

The currency pair is still under the influence of Brexit talks. UK Prime Minister said that the United Kingdom is going to initiate Brexit procedure before the second quarter of 2017. Those words added some pressure on GBP and allowed GBP/USD Bears to dominate again. Short trades from 1,29400 level according to our recommendations were successful as the currency pair declined for about 1200 points. Yesterday’s UK manufacturing PMI data was better than expected. Today it is important to pay attention to UK Construction PMI. However, this data may have no influence on GBP/USD.

There is the downtrend on the Weekly chart as the price is below the MA55. The currency pair had some growth in the beginning of the last week. However, GBP/USD decline in the end. We expect the currency pair to decline moderately this week.

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 at the moment as there are no clear signals to open positions.



AUDUSD

04_10_2016_aud.jpg

The currency pair continues to grow moderately despite the fact that other allied assets are in the local downtrend. AUD/USD gets some support from the growth of raw materials market. Short positions failed to bring profit. However, we expect this AUD/USD growth to be limited as it is going to decline at first sign of commodities market weakness. It is the main reason why we advise to avoid trading AUD/USD at the moment.

There is still the uptrend on the Weekly chart as the price is above the MA55 balance line. The breakthrough of the trendline was fake. It is the main reason why we think the downside scenario is still actual.

The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55. We advise to open short trades with low volumes from 0,7670. Place stops at 0,7690.



USDCHF

04_10_2016_chf.jpg

The currency pair show intention to grow and the trend line on the Hourly chart may be broken through. You may try to open long trade from the trendline with close stops (about 100pips). However, it is too risky to enter the market as the trend is still unclear. There is no important data today and the fluctuations may be limited with low volatility.

There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. The trend is still unclear. We expect the currency pair to have some moderate growth this week.

The trend is still neutral on the Hourly chart as the MA-channel is horizontal and the price is above the MA55 balance line. We advise to take no decisions at the moment. However, you may try long trades from the broken through trendline.

Back to analytics