Dukascopy Bank Team
Dukascopy Bank SA
USD/JPY 1H Chart: Ascending Triangle
Comment: The American dollar has just confirmed the ascending triangle pattern on an hourly chart versus the Japanese yen. The currency crossed the upper boundary and is now getting ready to gain further value and continue with its long-term bullish trend. The idea is shared by hourly and daily technical indicators, which give bullish signals at the moment. At the same time, the pair can be stopped by a formidable resistance around 118; therefore, medium-term studies tend to be mixed in their opinion on pair’s perspectives. Concerning market sentiment, it became more balanced during last several days, as now 51% of all positions are long and 49% are short.
AUD/CAD 1H Chart: Falling Wedge
Comment: It seems that depreciation of the Australian dollar versus its Canadian counterpart is likely to continue for a long period of time. Trading inside the falling wedge, Aussie is approaching the lower boundary of the pattern at the moment. However, there is a high chance that this support line, strengthened by weekly S1 at 0.9793, will be eventually breached to the south. This scenario is assumed by technical indicators on all time-frames. Moreover, there are only few signals to buy the Australian dollar for the time being. On the other hand, market participants believe in the opposite development of this cross and expect a recovery, as more than 68% of all opened positions are long.
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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