Dukascopy Bank Team
Dukascopy Bank SA
EUR/AUD 1H Chart: Channel Up
Comment: EUR/AUD found a reliable support at 1.38 that pushed the pair higher, after the Europe’s shared currency plummeted at the beginning of September. In the later part of the up-trend the pair started to form a bullish channel.
At the moment, the pair is strengthening towards the upper trend-line of the pattern around 1.46 mark. Since this is a reversal pattern then the break-out is more likely to be to the down-side, thus after reaching the major level at 1.46 the pair might drop lower. The SWFX market participants also favour the bearish scenario, as 63.37% of them are short on the pair. Meanwhile, the technical studies are neutral.
USD/SEK 4H Chart: Rising Wedge
Comment: The pair has been on a up-trend already since March, when it dipped below 6.40 level. However, more recently at the beginning of August USD/SEK started to form a rising wedge pattern.
Lately, the pair has been hovering around the upper boundary of the pattern, thus putting a pressure on it. Moreover, since the currency pair is starting to enter relatively narrow trading range a break-out could be expected. An overwhelming majority (70.68%) of the SWFX traders think that the pair already is overbought and a further advance is not likely. Thus, movements around the weekly R2 at 7.2385 could be critical and if its not breached then the 7.12 level becomes the target.
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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