Dukascopy Bank Team
Dukascopy Bank SA
AUD/USD 1H Chart: Channel Up
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
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.
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