Technical Outlook May 18, 2017EURUSDThe currency pair is still far from the MA55 balance line and leaves to MA-channel from time to time. There are no opportunities to open trades as we have previously mentioned. You could open long trades from the MA13 yesterday, but the price went 150pips in the opposite side. Macron’s victory inspired business as there is no more threat of the Frexit procedure. This event resulted in EUR/USD rally. We give no recommendations today as the price is far from the MA55 balance line and is close to the upper side of the MA-channel.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair declined moderately last week according to our expectations. We think EUR/USD is likely to grow moderately in the next couple of days.
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 as the situation is unclear.
GBPUSDThe currency pair had some growth yesterday after the release of the UK Labor Market data, which was better than expected, as the number of unemployed persons decreased. However, this growth is fragile as the currency pair has met a resistance level on the Weekly chart. If it breaks it through, there will be chances for the further growth. However, the currency pair shows no intention to develop its upside tendency at the moment. We advise to wait for short trades opportunities.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair declined moderately last week according to our expectations. We think it is going to grow in the next couple of days.
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 as the situation is unclear.
AUDUSDThe currency pair ended yesterday’s long trades at breakeven level. AUD/USD failed to grow further and we think it is preparing for another downside tendency. However, today’s Australian Labor Market data was better than expected and SUD/USD had some growth, which is likely to be limited by the trend line on the Hourly chart. If the currency pair fails to break through 0,7450 level, there will be opportunity to open short trades with high risks.
There is no trend on the Weekly chart as the price is below the MA55 balance line. The currency pair continued its decline last week but reversed in the second half of the week. We think AUD/USD is likely to develop its growth in the next couple of days.
There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is below the MA55 balance line. We advise to open short trades from 0,7450. Place stop losses at 0,7460.
USDCHFThe currency pair continued its decline yesterday. There is not a single chance to open trades. There was an opportunity to sell yesterday from the MA13, but the price was close to the lower side of the MA-channel and the risks were too high.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The currency pair had some growth last week as we had previously expected. We think USD/CHF is likely to develop its decline in the next couple of days.
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 avoid trading today as the situation is unclear.
Gold and Silver Technical Outlook May 18, 2017GOLD (XAUUSD)Gold had some growth yesterday according to our expectations and there was an opportunity to open long trades from 1234,00. If you opened positions, you could fix them close to 1261,00. The profit was equal to 2 700pips. Risks were low but the reward was at maximum. We think it is time to stop trading Gold as there will be no huge moves this week anymore.
There is no trend on the Weekly chart as the price is close to the MA55 balance line. The price declined moderately last week, but then moved upwards in the end of the week. We think that the upside dynamics is likely to develop in the next couple of days.
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 as the situation is unclear.
SILVER (XAGUSD)Silver offered opportunities to open long trades from the MA13, but the profit was small. However, you had a chance to fix trades partially and to protect the rest. There is no tendency currently and we advise to do nothing today.
There is no trend on the Weekly chart as the price is close to the MA55 balance line. XAG/USD made a fakey last week and returned to its previous positions. We think Silver is likely to develop its upside tendency in the next couple of days.
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 as the situation is unclear.