Dukascopy Bank Team
Dukascopy Bank SA
USD/NOK 1H Chart: Channel Up
Comment: There are signs of the bullish channel emerging on the hourly chart of USD/NOK, as the currency pair bottomed out at 7.72. The US Dollar is expected to find support at 7.83 and continue to appreciate against the Krone. The immediate resistance level is at 7.8750, represented by the daily PP and 200-hour SMA, but the rally is likely to extend beyond the Apr 23 at 7.96 in the next few days. In the longer term the price may well reach 8.1743, namely the Apr high. However, the bullish bets may be somewhat risky, since most of the technical indicators are pointing downwards, though the SWFX market participants are confident in the Greenback: 74% of positions are long.
GBP/AUD 1H Chart: Channel Up
Comment: GBP/AUD seems to have broken out of the recently formed triangle to the upside, and it subsequently formed an upward-sloping channel, meaning the outlook on the Pound is currently strongly bullish. The latest sell-off from 1.9450 should be terminated at 1.93, where the lower boundary of the pattern merges with the 200-hour SMA and daily S1. From here the exchange rate should set course towards the upper trend-line at 1.9568, and in the longer-term perspective we are likely to see GBP/AUD retesting the Apr high at 1.9650. Nevertheless, the SWFX market is doubtful of the ability of the Sterling to outperform the Aussie, since only 45% of open positions are long.
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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