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Technical Outlook September 29, 2016

29 September 2016
EURUSD

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The currency pair was trading in both directions yesterday and there was an opportunity to open a trade according to our recommendation. The price, the MA55 balance line and the broken trendline met each other and this is rather strong signal to open long trades. The currency pair entered the profit area and could bring you about 400 pips. There is an important US data today which may influence fluctuations. You have to pay attention to the final q/q GDP data. In addition, the currency pair crossed 1,12900 key area yesterday. This may help EUR/USD to move further in the upside direction. It is to say also, that OPEC meeting is Algeria resulted in preliminary agreement on decrease of oil extraction volumes.

There is still no trend on the Weekly chart as the price is close to the MA55 balance line. FOMC members decided to leave interest rates unchanged. This is why USD is under pressure at the moment. We expect the currency pair to grow moderately.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is above the MA55 balance line. We advise to take no decision today.



GBPUSD

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The currency pair created conditions to open long trades twice during yesterday. First opportunity could bring you about 450 pips and the second one offered a chance to take about 650 pips of profit. We expect the price to leave the triangle today. However, it is hard to say which direction GBP/USD is going to choose as there are many factors to consider. Anyway, yesterday’s Shafik comments were unable to drop GBP although she was speaking about further easing.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair has some opportunities to grow this week according to the technical analysis.

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 take no decision today.



AUDUSD

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The currency pair declined yesterday and the long trade from 0,76500 closed at breakeven level. AUD/USD growth is not as active as we had expected it previously. There is a risk of fake break through on the Weekly chart. We advise to avoid trading today and to observe fluctuations as the price may reverse sharply.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. We had previously expected the currency pair to go towards 0,71500. However, if the price breaks through 0,76500, this scenario will be canceled.

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 avoid trading today.



USDCHF

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The currency pair tries to go upwards and the MA-channel is turning upside. However, there is still no clear signal to open any position as flat continues. We advise to avoid trading as there is no clear trend.

There is no trend on the Weekly chart as the price is balancing around the MA55 balance line. FOMC members decided to leave rates unchanged and USD is under pressure at the moment. The currency pair may continue to decline.

There is no trend on the Hourly chart as well as the MA-channel is horizontal and the price is close to the MA55 balance line. We advise to take no decision today.

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