Dukascopy Bank Team
Dukascopy Bank SA
AUD/NZD 1H Chart: Falling Wedge
Comment: Since early September the bears have taken control over the market, when the Aussie did not have enough strength to overcome the 1.13 level. However, at the moment the pair is appreciating towards the upper trend-line around 1.1150. Meanwhile, the technical indicators are pointing sideways, suggesting that consolidation around the 1.1100 level could follow. At the same time the SWFX traders are expecting the pair to climb higher, as 63.19% of them are bullish on the pair. With that all in mind, we expect AUD/NZD challenging the resistances around the 1.11 mark and if they are broken then advance towards the 1.1150 level could follow.
XAU/USD 4H Chart: Broadening Falling Wedge
Comment: XAU/USD failed to breach the psychological level at 1.13, after that coming under a heavy selling pressure that pushed the pair into a broadening falling wedge pattern. Recently, the yellow metal has tested the weekly PP at 1.242; however, at the moment it was not able to breach it. Nevertheless, the short term (4H) technical indicators are more to the upside, thus a repeated attack towards the weekly PP and monthly S2 might be anticipated. Also, the traders’ sentiment is distinctly bullish, with 64.96% of the traders favouring gold over the U.S. Dollar; therefore, increasing the possibility of the short-term bullish scenario.
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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