Technical Outlook October 28, 2016EURUSD The currency pair made another unsuccessful attempt to break through the trendline. It is clear that this trendline prevents EUR/USD from further growth. In this case we gave no recommendations. There is a probability that the currency pair is going to develop its downside tendency. There are many signs of further downtrend. Yesterday’s US data almost met the expectations. However, if today’s US statistics is better than expected, there is a probability of decline. However, the MA-channel still looks upwards. We give no recommendations in this situation.
There is no trend on the Weekly chart as the price is close to the MA55 balance line. The upside correction was short-term and limited in time. We expect the currency pair to decline in the next couple of days.
The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is close to the MA55 balance line. We think that here is a good position to open short trades. However, as we have previously mention, the uptrend is still dominating the market. We give no recommendations.
GBPUSD The currency pair had some growth yesterday after the release of the Prelim UK GDP q/q data. Previous meaning was 0,7%. This time it fell down to 0,5%. However, it was better than 0,3% forecasted. It is to mention that the currency pair growth changed with a considerable decline. It is to mention that UK data is better than expected, but the currency pair has a downside bias. We think that it is possible that GBP/USD is going to cross the trendline and establish new lows.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. We have seen a sort of a correction last week. It is probable that the decline is going to continue this week.
There is no trend on the Hourly chart as the MA-channel is horizontal and the price is below the MA55 balance line. We advise to take no decision today, as the situation is still unclear.
AUDUSD The currency pair changed its direction according to our expectations. It is time to look for short trades. We advise to open trades from the MA55 balance line as it is safer to start working from this area. However, there is a probability that the currency pair will be unable to reach that area. If this happens, we advise you to search for entry points on your own.
The uptrend is in progress on the Weekly chart as the price is above the MA55 balance line. The currency pair made attempts to grow. However, it declined in the last days of the last week. It is still unclear what is to happen in the nearest future. However, we think that the scenario to reach 0,71800 is still actual.
There is the downtrend on the Hourly chart 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 stops above the curve.
USDCHF The currency pair continues to be trading within a horizontal range. There is a probability of an upside momentum today. We advise to follow US Prelim GDP q/q data as it may change market situation significantly. Anyway, USD/CHF was here for a long time and it is possible that there will be a sharp momentum.
There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. The currency pair continues its growth and we expect it to accelerate this week.
There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55 balance line. We advise to take no decision today as the situation is still unclear.
Gold and Silver Technical Analysis October 28, 2016GOLD (XAUUSD)There was an opportunity to open long trades from the MA55 balance line (or from the trendline). However, later we have seen that the growth had almost no progress. The currency pair offered a chance to fix positions with some small profit. You had also an alternative to leave your trades as they were. However, there is a probability of changes in the current trend. We advise to search for short trades.
The uptrend is still in progress on the Weekly chart as the price is above the MA55 balance line. There was an upside correction last week and we expect it to continue.
There is the downtrend on the Hourly chart as the MA-channel goes downwards but the price is close to the MA55 balance line. You may try to open short trades if the currency pair breaks through the trendline. Place stop losses above the curve.
SILVER (XAGUSD)XAG/USD failed to decline towards the trendline to offer opportunities for long positions. However, if you had a chance to buy from the trendline area, there was some small growth and an opportunity to take small profit. The tendency has already changed and we advise to search for short signals from the broken through trendline.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There was an upside correction and we expect it to continue this week.
The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55 balance line. We advise to open short positions when the price breaks through the trend line. Place stop losses above the MA55.