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Technical Outlook September 22, 2016

22 September 2016
EURUSD

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The currency pair was in uptrend after the release of the results of two days’ FOMC Meeting. Interest Rates remained unchanged and Fed has made a signal that rates hike is possible in the next few months. However, market participants decided to sell USD as FOMC members said that the economy growth is still unstable and there may be no rates hike in the nearest future. It is also to mention that there was nothing new in FOMC members speeches. Finally, there was no clear hint on the probability of interest rates hike in December.

There is still no trend on the Weekly chart as the price is close to the MA55 balance line. USD is under pressure at the moment and the probability of further moderate growth of EUR/USD is high.

There is no clear tendency on the Hourly chart as the MA-channel is horizontal and the price is above the MA55. You may try long trades from the MA55 balance line area with stops below this curve.



GBPUSD

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The currency pair may grow in the nearest future because of the results of FOMC Meeting. Today we recommend paying attention to the UK manufacturing orders data. It is also important to take into consideration MPC members Cunliffe and Carney comments. They may give some support to the currency pair.

There is the downtrend on the Weekly chart as the price is below the MA55. The currency pair failed to reach 1,28500 and we expect GBP/USD to grow.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55. You may try long trades from theMA55 balance line area with stops below the curve.



AUDUSD

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AUD/USD is still looking upwards after FOMC and Bank of Japan decisions. The price is close to a strong resistance level (weekly chart trend line). The chances to break it through are very high as FOMC decision to leave rates unchanged give additional support to the currency pair. We advise to avoid trading, but as soon as AUD/USD breaks this resistance you may try long trades from it.

There is still the uptrend on the Weekly chart as the price is above the MA55. We expected the currency pair to go towards 0,71500. However, those expectations are lower at the moment and if the price is able to break through the resistance line, the scenario will change completely.

The uptrend is still in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. You may try long trades from the trendline if the price breaks it through on the Weekly chart.



USDCHF

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USD/CHF has made to bursts down after the FOMC and the Bank of Japan decisions. Both regulatory authorities left interest rates unchanged. The currency pair stopped close to the trendline on the Hourly chart and had an opportunity to break it through today. We advise to open short trades if it happens.

There is no trend on the Weekly chart as the price is moving around the MA5 balance line. We expect the currency pair to continue its decline after the release of FOMC decision.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. You may try short trades from the MA55 area with stops above the curve. Another opportunity to sell will be available if the price breaks through the trend line on the Hourly chart.

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