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Technical Outlook September 7, 2016

07 September 2016
EURUSD

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Most interesting events happened during American session as we have previously noticed in our last outlook. The US Services PMI declined sharply indicating on slowing down of the growth in this sector. This index along with the other latest US data releases will influence FOMC decision at the next Fed Meetings which are to take place on September 20-21. Fed is likely to hold the Interest Rates at the current level and take some more time to observe the situation. The hopes of those who expected FOMC to change Interest rates are broken.

There is no trend on the Weekly chart as the price is close to the MA55. The currency pair slows down its decline. There is a probability to resume growth targeting 1,15000.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to avoid trading at the moment as the price is close to the upper side of the MA-channel.



GBPUSD

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The currency pair continued to renew monthly highs and breaks through the trendline. The US Services PMI was worse than expected. As for the latest British data, it was better than expected establishing new records after a sharp decline in July. It is better to consider long trades in this situation. There is a rather strong trend here and the price is unable to go down to the MA55 balance line even, offering no opportunities to place orders. However, the price was close to the balance line yesterday, allowing to buy.

There is the downtrend on the Weekly chart as the price is below the MA55. There was no decline below 1,30000 as UK data was better than expected. There is a probability of further rally, targeting 1,35000.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is close to the MA55. You may try to open long trades today from the broken through trendline, placing stops below it.



AUDUSD

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AUD/USD had a sharp growth on expectations that the Reserve Bank of Australia was not going to change its current monetary policy. In the second half of the day, AUD/USD resumed its growth on the worse than expected US Services PMI. There was no correction to the MA55 balance line and we expect the currency pair to continue its rally today from the broken through trendline.

There is still the uptrend on the Weekly chart as the price is above the MA55. The currency pair was in a downside tendency for the last three weeks. However, we can see a correctional growth at the moment. AUD/USD still targets 0,71500 on the Weekly chart.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to wait until the currency pair goes back to the broken through trendline and then to open long trades from it. Place stops below the trendline.



USDCHF

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The currency pair was in a tight range yesterday and declined after the US Services PMI data. There was no USD/CHF growth. We can see the downtrend at the moment. Revised Swiss GDP data was better than expected and gave some additional support to CHF. The currency pair broke through the trendline and you may open short trades from it.

There is no trend on the Weekly chart as the price is fluctuating around the MA55. USD/CHF grew towards 0,99000, but the US data was worse than expected and exerted some pressure on USD. We expect the currency pair to continue its decline this week.

The downtrend is in progress on the Hourly chart as the MA-channel looks downwards and the price is below the MA55. We advise to open short trades from the broken through trendline or from the MA55 balance line.

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