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Technical Outlook September 28, 206

28 September 2016
EURUSD

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The currency pair declined yesterday because of the better than expected US data, debates between Clinton and Trump, OPEC meeting and FOMC members’ comments. It is to mention that the main OPEC meeting is to take place today. Long trades failed to bring profit. The trend is going to change as we may see the breakthrough of the upside trendline. We advise to try short trades. Pay special attention to 1,11900-1,11920 area. In addition, there are many events to follow today. US durable Goods Orders, Crude Oil Inventories, Janet Yellen and Mario Draghi speeches and so on.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. FOMC meeting resulted in no decision on interest rates. USD is under pressure at the moment. However, there are some important events this week which may change the situation.

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 or from the broken through trendline. Place stops above this line.



GBPUSD

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The currency pair 1,29900. This was the key area to observe as the uptrend starts above it. We expect GBP/USD to go upwards to 1,30600. Here lies the trendline. However, it is too risky to open long trades as technical analysis fails this week. There are some opportunities to buy, but remember to protect your trades. In addition, it is important to pay attention to MPC member’s Shafik comments today.

The downtrend is in progress on the Weekly chart as the price is below the MA55. The currency pair is able to grow this week according to the technical analysis.

The uptrend is developing on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to open long trades from the MA55 area. However, you should remember about risks and protect your positions with stops.



AUDUSD

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Long trades from 0,76500 gave some profit. The currency pair entered a profit area for about 250 pips which is enough to protect the trades by placing stops at breakeven area. You can leave your trades targeting 0,77200-600.

There is still the uptrend on the Weekly chart as the price is above the MA55. The trendline t 0,76500 was broken through and this fact cancels the scenario for AUD/USD to go down towards 0,71500.

The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to hold your long trades and move stops to breakeven if possible.



USDCHF

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The currency pair tries to go upwards, but there is still no trend as the MA-channel is horizontal. There is a large number of FOMC member’s speeches today and they will influence the market without any doubt. We advise to avoid trading and observe fluctuations as there is still no trend.

There is still no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. We expect the currency pair to go down after the FOMC meetings. However, at the moment it tries to break this scenario.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55. We advise to take no decision at the moment and observe fluctuations.

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