Dukascopy Bank Team
Dukascopy Bank SA
CAD/JPY 1H Chart: Channel Up
Comment: Thanks to the strong support around 92.76 CAD/JPY managed to change the direction of the trend. This is evidenced by the pair forming a bullish channel. At the moment the pair is trading below the 97 mark and it is on its way to approach the pattern’s support; however, for now the 100-period SMA and weekly PP at 96.52/48 seems a legitimate support. The near-term outlook appears to be neutral, as the technical studies point sideways. Nonetheless, the SWFX traders are sceptical on further pair’s appreciation, as 64.33% of them expect a decline to come into play. Thus, we might start to expect a bearish break-out below the 96 level.
XAU/USD 4H Chart: Falling Wedge
Comment: Since the middle of August, XAU/USD has been tilted downwards and the tendency is likely to preserve in the upcoming trading sessions given that the instrument is trapped by the limits of a bearish formation—falling wedge. Currently the pair is trading around the down-trend’s support and weekly S1 at 1,253.14. However, in the foreseeable future, the yellow metal may face additional losses against the Greenback since the daily technical indicators are more to the downside. At the mean time, our traders’ sentiment is bullish; therefore, a rebound towards the 1,270 level is not unrealistic.
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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