XAG/USD 1H Chart: Ascending Triangle

Comment: Led by an ascending triangle, XAG/USD lost volatility to rising upside potential which we expect to be expressed with a close above the 17.82 supply area. Following several confirmations of the bottom trend-line, the pair is attempting the 17.63 level, and we look for it to eventually push through, opening up 17.68 for tests. Two more levels – 17.77 and 17.79 will cause some more distraction on the way, and could extend the surge flatter so that a close above could be accomplished in very late October. With 74% of the SWFX traders buying silver, we have some evidence that the soar could be battled by pressures from the upside pushing the pair towards equilibrium, with downside movements limited by 17.58.

XAGUSD

 

EUR/DKK 1H Chart: Rectangle

Comment: EUR/DKK extended what appears to be an ascending triangle turned rectangle, after the bottom trend-line was broken to sketch a new one at 7.4386 as result of a failed retracement. We expect the pair to maintain the motion north, but the 7.4403/06 area is likely to put up a battle, stealing some of the built up bullish momentum. The current tests of the broken trend-line of the ascending triangle will likely give a push to help EUR/DKK fight 7.4398, the 55-hour SMA. In case, however, the rate takes a short-term dip, 7.4386 will limit movements underneath. An overwhelming majority (72%) of long positions could do exactly that, causing supply pressures to increase due to the pair being overbought.

EURDKK

 

Download The Full Trade Pattern Ideas

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.

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD recovers further toward 0.6800 on risk-recovery

AUD/USD recovers further toward 0.6800 on risk-recovery

AUD/USD extends recovery toward 0.6800 in Asian trading on Thursday, despite mixed Australian employment data. The Aussie cheers a return of risk appetite, which weighs on the post-Fed US Dollar recovery. All eyes now remain on US economic data for fresh impetus. 

AUD/USD News
USD.JPY reverses sharply from 144.00, as US Dollar recovery fizzles

USD.JPY reverses sharply from 144.00, as US Dollar recovery fizzles

USD/JPY is attacking 143.00 in Thursday's Asian session, reversing sharply from 144.00. The pair pares back gains in tandem with the US Dollar, as the latter's post-Fed recovery falters due to a rebound in risk sentiment. The focus is next on the US data due later today and Friday's BoJ decision. 

USD/JPY News
Gold price regains positive traction amid a modest USD pullback from one-week high

Gold price regains positive traction amid a modest USD pullback from one-week high

Gold price attracts some dip-buying during the Asian session on Thursday and seems to have stalled its retracement slide from the $2,600 mark, or a fresh all-time peak touched the previous day. The US dollar trims a part of its intraday gains to a one-week high, which turns out to be a key factor lending support to the commodity.

Gold News
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.

Read more
Australian Unemployment Rate expected to hold steady at 4.2% in August

Australian Unemployment Rate expected to hold steady at 4.2% in August

The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Majors

Cryptocurrencies

Signatures