Dukascopy Bank Team
Dukascopy Bank SA
EUR/AUD 1H Chart: Broadening Falling Wedge
Comment: The EUR/AUD currency cross has been on a down-trend since 8th of August; however, this Broadening Falling Wedge pattern started to form on 12th of August. Yesterday the pair approached the August low and from there started its move higher towards the 100-period SMA and later the pattern’s resistance at 1.4365. The short term (1h) technical studies point upwards; strengthening the near term bullish outlook; however, the 4h and daily technicals are more bearish. Moreover, the traders sentiment towards the pair is bearish, with 61.43% of them being short on the pair, thus it is expected that the pattern will remain in effect.
EUR/PLN 4H Chart: Channel Up
Comment: More than a two month long advance performed by EUR/PLN helped the pair to develop an 273-bar long Channel Up pattern started on 9th of June. At the moment the currency pair is fluctuating between the 100-period SMA and weekly S1 at 4.1875/4.1799. Moreover, the pair’s volatility is at the lower levels, thus a break-out is not expected in the near term; although, we are expecting it to be to the down-side, when more applicable time comes. The weekly technical studies are sending bearish signals, while also the pair’s sentiment is strongly bearish, with 71.74% of the market participants anticipating the Euro to underperform against the Polish currency.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
GBP/USD rises above 1.3300 after UK Retail Sales data
GBP/USD trades with a positive bias for the third straight day on Friday and hovers above the 1.3300 mark in the European morning on Friday. The data from the UK showed that Retail Sales rose at a stronger pace than expected in August, supporting Pound Sterling.
USD/JPY keeps BoJ-led losses below 142.50, Ueda's presser eyed
USD/JPY remains in the red below 142.50 after the Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%, as widely expected. Governor Ueda's press conference is next in focus.
Gold consolidates weekly gains, with sight on $2,600 and beyond
Gold price is looking to build on the previous day’s rebound early Friday, consolidating weekly gains amid the overnight weakness in the US Dollar alongside the US Treasury bond yields. Traders now await the speeches from US Federal Reserve monetary policymakers for fresh hints on the central bank’s path forward on interest rates.
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum
Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.