Dukascopy Bank Team
Dukascopy Bank SA
GBP/NZD 1H Chart: Ascending Triangle
Comment: GBP/NZD is entering the apex of ascending triangle pattern, that started to form on 15th of August. The pair plummeted of 13th of August ; however, since then the Pound has been appreciating moderately. GBP/NZD volatility has dropped to the lower levels and also the 1H and daily technical studies are neutral, even though the pair has reached the apex of ascending triangle and the break-out should be just around the corner. Therefore, it is rather likely that we will see some consolidation around the current levels, ahead of the break-out, which is more likely to be to the upside. Moreover, the pair’s sentiment is neutral as well (51.29% bullish).
USD/RUB 4H Chart: Channel Up
Comment: The U.S. Dollar is on a up-trend since late June; however, the bullish channel formed slightly later, namely on 7th of July. Since the start of the pattern the Greenback has appreciated from 33.80 to 36.40, returning to levels seen on March. Now the currency pair is hovering around the lower trend-line, thus a bullish wave might be anticipated. For channel up patterns in most of the cases there is a bearish break-out; however, we do not expect it to occur just yet. As the pair’s sentiment is bullish, with 62% of the market participants expecting the advance to extend, and with the 4H technical indicators pointing to the north we see the trend to continue.
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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