Dukascopy Bank Team
Dukascopy Bank SA
EUR/AUD 1H Chart: Channel Down
Comment: After a sharp advance at the beginning of month the Euro started to slide towards 1.40 level; however, the bearish channel began to form on 25th of August. At the moment EUR/AUD is trading closer and closer to the major level at 1.40, which was approached on July 2013 for the last time. Nonetheless, the technical indicators are mostly mixed, that said they are not giving any clear signals for the time being. The traders sentiment however is slightly bullish, with 56.66% of them expecting the Euro to reverse its previous losses. Therefore, we expect the pair touching the lower trend-line before appreciating and possibly breaching the up-trend’s resistance.
USD/ZAR 4H Chart: Triangle
Comment: USD/ZAR entered a symmetrical triangle in the first part of August and now is on verge of a breakout. Taking into account that the pair has been trading around the upper trend-line for most of the time lately the break-out could be bullish. Although, since there is weekly and monthly PPs at 10.664/676 ahead and 64.28% of the traders are short on the pair a bearish break-out could occur as well. In the nearest trading sessions there should be indications on the break-out’s direction. In case the Greenback breaches the weekly and monthly PPs then we are likely to see further advance towards above the 10.700 mark.
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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