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Analytics Technical analysis

Technical Outlook October 6, 2016

06 October 2016
EURUSD

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The currency pair was trading in both directions yesterday despite the stronger than expected US Services PMI data. ADP Non-Farm Payrolls Employment change was worse than expected. US Services PMI data grew sharply and raised Interest Rates hike odds. Today we advise to pay attention to the US Unemployment Claims. It is still important to wait until the release of Friday’s US Labor market data as it is expected to play the key role in fluctuations.

There is no trend on the Weekly chart as the price is close to the MA55. The currency pair was trading in a tight range last week. We expect EUR/USD to trading within the same range this week.

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



GBPUSD

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The currency pair did a correction before further downside move. GBP/USD went towards the MA55 balance line to open trades. However, it did it at night. You may try to open short trades closer to the MA55 and place stops above the curve. Yesterday’s UK Services PMI was better than expected. However, latest talks on Brexit give support to USD in this currency pair.

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 and it declined in the end. We expect GBP/USD to decline moderately this week.

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 open short trades closer to the MA55 and place stops above this curve.



AUDUSD

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The currency pair slides down to the support line which is expected to be broken through today. It is possible to make a daily strategy according to those expectations. We think that you may try to open short trades from the fast MA13 before the trendline on the Hourly chart is to be broken through. If something goes wrong, you will have some space to close positions. Stop losses should be places at 200 pips from the order.

There is still the uptrend on the Weekly chart as the price is above the MA55 balance line. The breakthrough of the trend line at 0,76500 was fake. The downside scenario for AUD/USD is still actual.

There is a weak downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to open short trades from the MA13 and place stops above the MA55 balance line.



USDCHF

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The long trades from the MA55 balance line were successful. You could take about 300 pips as profit. It was enough to fix a part of positions and to protect the others. USD/CHF still looks strange as it dynamics not alike to this of “allied” currency pair. However, even in this situation it was possible to quit without losses. Today we advise to pay attention to US Unemployment Claims data.

There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. The trend is still unclear but we expect the currency pair to grow moderately.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is below the MA55. We advise to take no decision today and to wait until clearer signals.

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