EUR/SEK 1H Chart: Rising Wedge

Dukascopy Bank Team Dukascopy Bank SA

EUR/SEK 1H Chart: Rising Wedge

Comment: EUR/SEK climbed its way steadily away from the 2017 low at 9.4189 which was tested on January, but the motion might now be endangered as a rising wedge has upped downside risks. The pair has most recently tackled the upper trend-line of the pattern and should move towards the bottom bound around 9.6339 in an almost flat motion. After experiencing volatility on the last green candle, the pair confirmed the resistance area at 9.6426/32 and immediate support at 9.6339, the 20-hour EMA. The pattern is expected to break to the downside and the step might come in the current wave already, leading to 9.6289 for a retracement.

NZD/JPY 1H Chart: Rising Wedge

Comment: Comment: A double top resulted in a smooth downfall within the bounds of a descending channel pattern on the daily time-frame. The pattern has been holding strong and is most likely to experience another confirmation as a rising wedge emerges on the hourly chart. The pair has just tapped at the upper trend-line of the pattern and is expected to slip first towards the bottom bound of the wedge around 76.26 and then break beneath the area to target 76.00. Most of the demand levels lie inside of the wedge, meaning that the pair might stick around the senior channel upper trend-line as the downward momentum takes over.

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