EUR/USD 4H Chart: Channel Up

EURUSD

Comment: EUR/USD is set to advance higher. At the beginning of March, the currency pair successfully tested the major support trend-line and thus confirmed its bullish intentions. Moreover, there is now an ascending channel emerging in the four-hour chart.

During the next several days, the price is expected to extend its latest recovery from the lower boundary of the pattern to the upper trend-line. This scenario is supported by the favourable signals provided by the technical indicators. There are also no counter-arguments from the SWFX sentiment side; quite the contrary, at the moment 41% of market participants are holding long and 59% are holding short positions.

 

XAU/USD 4H Chart: Channel Up

XAUUSD

Comment: Despite the failure of gold to surpass 1,284 in March, the price managed to stabilise near 1,208 dollars and is now recovering within a bullish channel. After the metal consolidates above a cluster of supports, we expect it to resume the rally and eventually reach the upper bound of the pattern, and there is enough room for new bulls to enter the market and push the price higher, being that right now 60% of open positions are short. The upside risks are also increased by the technical indicators, a majority of which are currently pointing north. In case demand at 1,242/1,240 turns out to be insufficient to trigger strong buying, the sell-off will likely extend down to the support trend-line at 1,231.

 

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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