EUR/JPY 1H Chart: Triangle
Comment: Just recently the pair reached the highest level this year at 149.14; however, the Euro did not manage to hold its positions this high. From this point onwards a correction phase started, which also created a triangle pattern.
EUR/JPY is trading at the very apex of the triangle; therefore, a break-out might be anticipated. The shorter-term technical indicators are to the downside; although, there is a considerably strong supports ahead that could protect the pair from falling lower. The SWFX traders’ expect a bearish break-out, as 66% of them have shorted the pair. Now, if the pair’s bears drag the pair below the weekly PP and 200-period SMA then the weekly S2 is the target.
AUD/NZD 4H Chart: Channel Down
Comment: The Aussie has been targeting the 1.13 level for most of the second part of this year; however, unsuccessfully. A failure at that level has sent the pair lower and it has formed a bearish channel.
The current channel down pattern could be a part of a longer–term triple bottom pattern. Nevertheless, at the moment the pair is approaching a cluster of support levels (daily, weekly and monthly S2) located at 1.0886/68. With the negative technical indicators this level most likely will be breached, while in longer term a rebound and a bullish break-out could be expected. Moreover, the SWFX market participants are strongly bullish on the pair.
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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