AUD/USD 1H Chart: Channel Up

AUDUSD

Comment: Due to a fairly strong support at 0.9239 AUD/USD managed to commence a recovery, after a retreat in the middle of August. Recently the pair touched the upper trend-line at 0.9375 and since then it has been trading around the monthly R1 at 0.9350. Although, the 1H technical indicators are pointing downwards, thus the currency pair might depreciate closer to the pattern’s support at 0.9311. Nonetheless, with the moderately bearish (59.90%) sentiment towards the pair a break-out to the downside might be anticipated. However, we do not see the pair dropping below the major level at 0.93 for the time being.


EUR/USD 4H Chart: Broadening Falling Wedge

EURUSD

Comment: EUR/USD started to form a Broadening Falling Wedge pattern on 13th of August, when the pair reached the 1.34 mark. According to the daily and weekly technical studies the decline will continue, as most of the indicators are bearish. The next target level is around the 1.31 mark, from where the pair should reverse some of the losses. Nonetheless, the pair’s sentiment is bullish, with 64% of the traders being long. Thus, a move above 1.32 level could encourage the pair’s bulls to push the price higher. However, in case EUR/USD slides below the monthly S2 then most likely the bottom trend-line will be reached.

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


Recommended Content

Editors’ Picks

AUD/USD recovers above 0.6750 after Australian jobs data

AUD/USD recovers above 0.6750 after Australian jobs data

AUD/USD picks up a late bid and recovers above 0.6750 in Asian trading on Thursday, following the release of mixed Australian employment data. The extended post-Fed US Dollar recovery, amid a cautious market mood, could limit the pair's upside ahead of US data. 

AUD/USD News
USD.JPY jumps toward 144.00 on the road to recovery

USD.JPY jumps toward 144.00 on the road to recovery

USD/JPY gains traction and approaches 144.00 in Thursday's Asian session. The uptick of the pair is bolstered by the impressive US Dollar recovery. Investors shift their attention to the US data and the Bank of Japan interest rate decision on Friday. 

USD/JPY News
Gold price remains on the defensive amid the post-FOMC USD recovery from YTD low

Gold price remains on the defensive amid the post-FOMC USD recovery from YTD low

Gold price struggles to lure buyers despite the Fed’s jumbo interest rate cut on Wednesday. A further recovery in the US bond yields underpins the USD and caps the non-yielding metal. Concerns about an economic slowdown, along with geopolitical risks, help limit the downside.

Gold News
Ethereum attempts recovery following first rate cut in four years

Ethereum attempts recovery following first rate cut in four years

Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.

Read more
Australian Unemployment Rate expected to hold steady at 4.2% in August

Australian Unemployment Rate expected to hold steady at 4.2% in August

The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.

Read more
Moneta Markets review 2024: All you need to know

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.

Read More

Majors

Cryptocurrencies

Signatures