AUD/NZD 1H Chart: Channel Up
Comment: This currency pair will shortly reach a point when it should commence a correction to the upside, which is also forecasted by the daily technical indicators at the moment. The green trend-line is placed at 1.1171 and secured by the first daily support for today at 1.1162. Any drop below here seems unlikely, as extra demand is being offered by cluster of supports created by the 100-hour SMA and weekly pivot point at 1.1145 and 1.1135, respectively. The rally, if takes place, should extend through the weekly R1 at 1.1371 over the next 48 hours. Success here will pave the way for a jump to the upper edge of the pattern near 1.1450. Meanwhile, SWFX sentiment (67% long) suggests the Aussie is already overbought.
USD/SEK 4H Chart: Rectangle
Comment: There is a high chance of a downward confirmation of the pattern, which will happen in case the December 2015 low at 8.3240 is penetrated. Such a case is statistically implied by the pattern itself, as rectangles suggest the earlier trend of the pair, which is to the downside, will continue in the future. Weakness of the US Dollar is anticipated by the weekly technical indicators. On top of that, USD/SEK seems to remain quite overbought in the SWFX market, as 70% of all open positions are bullish. A loss under 8.32 will expose the monthly S2 to higher bearish risks, followed by the monthly S3 near 8.14. Meanwhile, any recovery is expected to be contained by the cluster of resistances at 8.48/50, where moving averages merge with the monthly PP.
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.
Recommended Content
Editors’ Picks
EUR/USD holds gains above 1.0700, as key US data loom
EUR/USD holds gains above 1.0700 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.