Dukascopy Bank Team
Dukascopy Bank SA
AUD/USD 1H Chart: Falling Wedge
Comment: During more three months ended April 10, the Australian Dollar was appreciating against its U.S. counterpart. The pair halted the climb only after a jump to a six-month of 0.9463 that pushed AUD/USD into a falling wedge pattern.
Recently the currency couple has bounced off a two-week low of 0.9322 and now it is likely to witness a rise. This is bolstered by the SWFX data showing that over 77% of all orders are placed to by the pair. If these expectations come true, AUD/USD will attempt to target a cluster of resistances at 0.9335/47 (four-hour R1, R2, R3; daily PP) that if overcome will send the instrument to more formidable resistance at 0.9354 (50-hour SMA).
USD/PLN 1H Chart: Ascending Triangle
Comment: USD/PLN now represents a lucrative opportunity for traders as the pair exited a 194-bar long ascending triangle two hours earlier that means an accelerating decline may lie ahead. The likelihood of a dive is high since the bearish scenario is supported by market players who bet on depreciation of USD/PLN in circa 70% of cases. To confirm traders’ opinion, the pair has to plunge below the daily support line at 3.0284 and 200-hour SMA at 3.0234 that will open the way for a slide to the next level of 3.0195/59 (daily S2, S3) below which the pair is not likely to face any obstacle for a massive sell-off.
EUR/HKD 1H Chart: Descending Triangle
Comment: A 194-bar long descending triangle pattern shaped by EUR/HKD originated at almost a two-month low of 10.6071.
At the moment, the pair seems to have endeavored to repeat its attempt to breach the upper limit for the second time. The proximity of the apex coupled with the fact the pair is sitting close to the pattern’s resistance signalize that the currency couple may indeed exit the pattern. However, the disposition of the SMAs, with the 50-hour SMA being on the brink of falling below the 200-hour SMA warns that a strong bearish pressure may be in place in the hours to come.
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
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US FBI has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.