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Technical Outlook October 7, 2016

07 October 2016
EURUSD

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The currency pair was going downside on the eve of the important US Labor Market data. If Non-Farm Payrolls meets expectations or are going to be even better than forecasted, Interest Rates hike odds will be increased. USD will get additional support in this case. Market participants think that this scenario is likely to become true and they bid on USD in advance. If this happens, market’s reaction may be limited. However, if US Labor Market data is worse than expected, there is a probability of surprises.

There is no trend on the Weekly chart as the price is close to the MA55. The currency pair was trading within a limited range. We expect this dynamics to continue until the end of the 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 any trade after US Labor Market data only.



GBPUSD

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The currency pair offered an opportunity to open short trades during European session according to our recommendation. The price went closer to the MA55 balance line and you had an opportunity to place a better stop loss. Fluctuations resulted in a strong downtrend for about 1300 pips. At night there was another downside momentum for about 5000 pips.

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, in the end it declined and this dynamics is likely to continue this week.

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 before the results of US Labor Market data releases.



AUDUSD

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The currency pair gave no opportunity to open short trades from the MA13 on Thursday. However, AUD/USD broke through the trendline on the Hourly chart. There is an opportunity to open short trades from the broken through trendline according to technical analysis. Today’s US Labor Market data is likely to break technical picture. It is to you to decide whether to trade or avoid trading today.

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. The downside scenario is still actual.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to take any decisions only after the release of US Labor Market data.



USDCHF

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The currency pair return to its normal fluctuations and continued to develop the upside tendency. US Labor Market data is very important for USD and we advise to wait until the release of the statistics to take any decisions. However, current situation shows that market participants have no doubts this data will be better than expected. The currency pair has some space to go upwards.

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

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to open trades only after the release of the US Labor Market data.

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