Dukascopy Bank Team
Dukascopy Bank SA
AUD/USD 1H Chart: Falling Wedge
Comment: AUD/USD set two rising wedges on two time-frames – the daily and the hourly one. The pair has just broken the bottom boundary of the short-term pattern and could now be making its way down towards the senior wedge bottom trend-line around 0.7603. Currently squeezed in between two areas of significance, namely 0.7659 and 0.7650, the rate is likely to correct and then move lower. Demand pressures could, however, mess with the momentum all the way down due to the multitude of strong areas in between, but we would still look for it to show some solid weakness to reach the senior trend.
EUR/JPY 1H Chart: Channel Down
Comment: EUR/JPY has been falling since December 2016, but managed to set some corrective steps on the way. A flattish upward sloping channel was switched to a channel down that still lacks some confirmation. The pair has just touched the upper bound of the most recent pattern and has set eye on the lower trend-line with a few hitches on the way. Immediate ground rests at 119.35 and might require some tests to push below. Upside potential is capped at 119.67, the daily Pivot Point and Channel upper trend-line cluster which we do not expect to break. It should, however, be noted that the current channel has been sketched as a result of the previous channel correction, meaning that we need more confirmation.
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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