Dukascopy Bank Team
Dukascopy Bank SA
GBP/NZD 4H Chart: Triangle
Comment: After forming a double bottom and rallying from 1.94 up to 2.09 in two weeks, GBP/NZD is now consolidating. The pair has recently formed a symmetrical triangle, and the bullish momentum should soon return. Once the price closes above the falling resistance trend-line, currently at 2.06, the target will be set at the February high, though the Sterling may well attempt to challenge the 2014 peak at 2.1060. The positive medium-term outlook is reinforced by the technical indicators on the daily chart, six out of eight are pointing up. In case the up-trend at 2.05 is violated first, there is a strong demand zone at 2.03, where the 38.2% Fibonacci retracement merges with the monthly pivot point.
AUD/CHF 4H Chart: Ascending Triangle
Comment: Although an ascending triangle usually means strengthening demand, AUD/CHF has just breached the pattern to the downside, meaning the Aussie will most probably add to the Jan 15 losses. The immediate support is at 0.72, but none of the nearby weekly pivots are considered to be enough to stop the sell-off. Demand at 0.69, on the other hand, has the potential to prevent further depreciation of the Australian Dollar. At the same time, if the pair manages to recover and settle above 0.7280, the rally will have a good opportunity to extend up to either the monthly PP at 0.7480 or a combination of the weekly R3 and 200-period SMA at 0.7580.
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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