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Technical Outlook September 14, 2016

14 September 2016
EURUSD

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The currency pair was in a range with a low volatility yesterday despite the fact that the other assets were trading with higher dynamics. The German ZEW Economic Sentiment report was disappointing as the final result had no changes in comparison with the previous one. However, Bloomberg experts expected it to rise to 2,8 points. It is to mention that British data was also worse than expected allowing USD to gain momentum. If today’s Eurozone data is also disappointing, there is a probability of change in trend.

There is no trend on the Weekly chart as the price is close to the MA55. The currency pair tried to grow towards 1,15000 and stopped at 1,13000. There is a probability of decline this week according to technical analysis.

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 and observe fluctuations today.



GBPUSD

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The currency pair resumed its downside tendency after the weak UK CPI y/y data. Experts expected it to rise to 0,7%. However, final result was 0,6% that is equal to the previous CPI data. However, there was an opportunity to open long trades before the sharp decline as there was some short growth from the MA55 balance line. You had an opportunity to earn a little. Today we advise to pay attention to the UK Labor Market data as it may influence fluctuations considerably.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair almost reached 1,35000 level and then reversed downwards. There is a probability of further decline in the next couple of days according to the technical analysis.

The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. It is better to avoid trading today as the price is far from the balance line.



AUDUSD

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There was an opportunity to open short trades from the MA55 balance line. Eventual profit would be great. The currency pair is in an active stage of the trend at the moment. However, we expect it to end very soon. Then, there is a probability of sharp correction. Today’s Australian data was worse than expected and we expect the currency pair to continue its negative dynamics.

There is the uptrend on the Weekly chart as the price is still above the MA55. The currency pair ended the last week with a Doji close to the trendline. It is a good signal for AUD/USD to change dynamics and you may try to find enter points this week. Further downtrend may target 0,71500 level which is still far from the current price.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. It is better to wait until the price is back to the balance line to open trades.



USDCHF

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The currency pair resumed its upside tendency and the long trades from the MA55 balance line were successful. The price entered the profit zone and you could earn about 400 pips. However, the uptrend is still unclear and we gave no recommendations. Today we expect this trend to slow down.

There is no trend on the Weekly chart as the price is fluctuating around the MA55. There was a decline last week that we had expected previously. There is a probability of some growth in during the current week.

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

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