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Technical Outlook October 5, 2016

05 October 2016
EURUSD

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The currency pair established a range in which it may be trading before the key events of the week. It is to notice that on Friday there are two main events to follow – US Non-Farm Payrolls and US unemployment rate. Experts expect US Non-Farm Payrolls to rise towards 171K. As for the Unemployment Rate, this statistics may remain unchanged. Today we advise to pay attention to the ADP Non-Farm Employment change as well as to the ISM Non-Manufacturing PMI. We expect some sharp fluctuations.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair is in a limited range and we expect this dynamics to continue during this week.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55 balance line. We advise to avoid trading today as there is no clear trend.



GBPUSD

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The currency pair crossed the support line and established new yearly lows. Brexit news still influence fluctuations. There is an important UK Services PMI data today. However, this data may give no support to GBP even if it is better than expected as the currency pair has strong Bearish moods. There is a probability of a consolidation or of a limited correction before further downtrend.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair was in the uptrend in the beginning of the last week but it lost its positions in the end. We expect the currency pair to continue its downside tendency.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to avoid trading today as the price is close to the lower side of the MA-channel.



AUDUSD

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The currency pair was in an uptrend in the morning because of the better than expected Australian Retail Sales data. However, there is a probability of decline of AUD/USD during the day. A triangle was established and further direction will depend on which of two sides is to be broken through. Important US data may have significant impact on fluctuations today. Yesterday’s short trades according to our recommendation were successful as the price entered profit area for about 600 pips.

There is still the uptrend on the Weekly chart as the price is above the MA55 balance line. The breakthrough of the trendline at 0,76500 was fake. A 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. It is better to avoid trading today as there are no clear signals.



USDCHF

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The currency pair went upwards yesterday making long trades profitable. The price entered profit area for about 800 pips. This distance is significant for this currency pair. We advise to pay attention to the US Labor Market data from ADP and US ISM Services PMI.

There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. We expect USD/CHF to grow moderately.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. You may try long trades from the MA55 balance line. Place stops below the curve.

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