USD/SEK 1H Chart: Ascending Triangle

USDSEK

Comment: Although resistance at 0.9520 appears to be strong, the outlook on USD/SEK is bullish. The demand for the US Dollar is growing, as evidenced by every new low appearing above the previous one. Accordingly, if the up-trend at 0.95 is not violated in the nearest future, which in turn will imply a sell-off down to 0.94 (weekly PP and 200-hour SMA), the price should soon close above 0.9520 and set course toward 0.9560. This scenario is also reinforced by the technical indicators, especially on the four-hour time-frame. In the meantime, an overwhelming majority of the SWFX market participants is bearish with respect to the Buck: 72% of open positions are short.


AUD/NZD 1H Chart: Channel Up

AUDNZD

Comment: While the market has been largely bearish since the end of January, AUD/NZD is currently developing a rally thanks to a solid demand near 1.03. However, in the very near-term the outlook is negative, being that the pair has just confirmed the upper boundary of the bullish channel at 1.0470.

The Aussie is likely to slide beneath the daily pivot point at 1.0430 toward a cluster of supports at 1.0390, where the rising trend-line merges with the 200-hour SMA, weekly pivot point and daily S1 level. Here AUD/NZD should form a bottom. As for the sentiment, SWFX traders are mostly bullish: as many as 71% of open 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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