Technical Outlook July 19, 2016


EURUSD




EUR/USD traded in a narrow range yesterday. There was no important data. Today the situation is the same. You may try short trades from the MA55. Today we expect important data from the Eurozone (ZEW). We advise to pay attention to US Building Permits data.

There is the downtrend on the Weekly chart as the price is below the MA55. EUR/USD prepares to another downside momentum. We expect it to happen this week.

As for the Hourly chart, there is the downtrend here as well as the MA-channel goes downwards and the price is below the MA55. You may try short trades from the MA55 area.


GBPUSD




GBP/USD did a correctional growth according to our expectations. Technical indicators changed their positions and we may state the downtrend. Today we advise to pay attention to the GB CPI y/y data. This statistics may result in further downside tendency.

There is the downtrend on the Weekly chart as the price is below the MA55. It is probable that the upside correction is already done.

As for the Hourly chart, there is the downtrend here as the MA-channel goes downwards and the price is below the MA55. You may try short trades from the MA55 area.


AUDUSD




There were two good opportunities to open short positions from the MA55 area. AUD/USD went down sharply today in the morning. You could take about 1000 points of profit on this movement. Another ascending trendline is broken through. The downside tendency is confirmed. We expect new lows to be reached in the nearest future.

There is still the uptrend on the Weekly chart as the price is above the MA55. EUR/USD declined in the final minutes of Friday’s session and closed last week below the trendline. We expect the decline to resume this week.

There is the downtrend on the Hourly chart as the MA-channel looks downwards and the price is below the MA55. It is too late to enter short positions today as the price is close to the lower side of the MA-channel.


USDCHF




USD/CHF traded in a narrow range yesterday according to our expectations. Technical indicators show the uptrend and they already confirm the upside dynamics. We expect an upside momentum today.

There is the upside trend on the Weekly chart as the price is above the MA55. This tendency is still weak and requires confirmation.

There is the uptrend on the Hourly chart as the MA-channel looks upwards and the price is above the MA55. You may try long trades from the MA55 area.


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