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Analytics Technical analysis

Technical Outlook December 9, 2016

9 december 201668

EURUSD

 

The currency pair declined sharply after European Central Bank Head’s comments that the Quantitive Easing programme will be extended until the end of 2017. ECB’s monetary policy will be “easy” for a year at least. We think that this fact offers some opportunities for Bears. A new trend established yesterday but we give no recommendations as the price is still close to the lower side of the MA-channel.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was no growth as we have expected and after the Italian Referendum the currency pair is unlikely to go towards 1,08500. We think that the currency pair is going to decline in the nearest future.

The currency pair is in the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to avoid trading today as the situation is unclear. 

 

GBPUSD

 

The currency pair allowed to sell yesterday. However, those trades closed by stop losses as the price had some upside bursts. There was opportunities to reenter the market as the downtrend resumed but the risks were too high. You could earn some pips in this case. Today we advise to continue to trade according to the trend.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair failed to reach 1,28000 but we expect it to reach 1,28500 this week. Then the price is likely to decline.

The currency pair is in the downtrend on the Hourly hcart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to open short trades from the MA55 balance line. Place stop losses above the curve.

 

AUDUSD

 

The currency pair still holds neutral position but we see some signs of possible decline in the nearest future. However, there is still no clear trend and we advise to avoid trading today. It is probable that there will be no clear tendency this week.

The currency pair is in the neutral position on the Weekly chart as the price is close to the MA55 balance line. AUD/USD continues its upside tendency but we expect the currency pair to decline towards 0,71800 this week.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is above the MA55 balance line. We advise to take no decisions today as the situation is still unclear.

 

USDCHF

 

The currency pair allowed to open trades in the beginning of its growth but there was a deep correction and those positions were risky. If you opened any trade, you could have losses as they would be closed by stops. However, you could be in the very beginning of the tendency as we have mentioned yesterday. The next best point to open trades is the broken through trendline area.

The currency pair is in the uptrend on the Weekly chart as the price is above the Ma55 balance line. All attempts to decline below the trendline failed and we think that the price is going to rise up to 1,03000. 

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 open long trades from the trendline. Place stop losses below the line.


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