Dukascopy Bank Team
Dukascopy Bank SA
EUR/PLN 4H Chart: Ascending Triangle
Comment: The outlook on EUR/PLN is bullish both in the short and long terms. The currency pair is forming an ascending triangle, a continuation pattern, meaning a breach of the resistance level at 4.2650 is more likely that a decline through the rising support line at 4.22. Once 4.2650 is out of the way, the price will likely target the January high at 4.37 next. As for the prospects for the next several days, the Euro is also expected to appreciate. The pair has just confirmed the lower boundary of the figure, and the technical indicators are giving ‘buy’ signals on all relevant time-frames. The current rally has a good chance to extend at least up to 4.2650, which should eventually be broken to the upside.
EUR/AUD 1H Chart: Channel Down
Comment: EUR/AUD continues to trade between two falling trend-lines we spotted last week. The pair has just bumped into the upper line, which is strengthened by the daily and weekly R1s, meaning the near-term bias is strongly to the downside. The immediate support is at 1.5678, but the bearish momentum is not expected to peter out before we get down to the lower trend-line. Alternatively, in case supply at 1.58 turns out insufficient to limit gains, as suggested by the hour and four-hour technical studies, this will imply a test of the 1.6150/00 zone (Oct 2 high and weekly R2). Meanwhile, the sentiment in the SWFX market is neutral, since 51% of open positions are long and 49% are short.
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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