Dukascopy Bank Team
Dukascopy Bank SA
GBP/AUD 4H Chart: Triangle
Comment: GBP/AUD is now trading right at the apex of the symmetrical triangle. However, there is little certainty regarding the direction of a break-out, being that since summer the currency pair has been lacking a distinct trend. Still, considering that there is a bullish bias among the technical indicators and the spot price is above the long-term moving average, the risks are considered to be skewed to the upside. If the resistance trend-line at 2.1440 is broken, the main target will be this month’s high at 2.1728, while intermediary obstacles will be at 2.1480 and 2.1560. At the same time, the market is oversold—68% of open positions are short.
USD/DKK 4H Chart: Channel Up
Comment: The outlook on USD/DKK is bullish, as the currency pair is in the process of forming an upward-sloping channel. Meanwhile, we should be wary of a strong supply zone overhead. The closest significant resistance is at 7.06, represented by the monthly R2, but it is followed by the April and March peaks at 7.10 and 7.13, respectively, both of which represent a substantial threat to the current momentum. At the same time, a close beneath the support up-trend at 6.69 will imply a sell-off. The initial targets will be 6.62 and 6.88, while if there is ever going to be a test of the 6.74/71 region, where the October 28 low joins forces with the 200-period SMA and monthly PP, there is likely to be a strong rebound.
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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