Patterns: LIGHT/USD, EUR/CZK
LIGHT/USD 4H Chart: Passes short term support
The price for crude oil has passed the previously described support line, which kept the commodity up during the most part of July. Due to the event a couple of updates can be mentioned.
First is the fact that the rate is heading to the lower trend line of the most dominant ascending channel pattern, which represents the surge of the oil price that was caused by the OPEC production cuts.
Secondly, a medium term, about to be broken channel down pattern has been charted. This pattern is set to be broken in the future. However, it might provide notable resistance until the middle of August.
EUR/CZK 1H Chart: Begins expected surge
The previous review of the EUR/CZK currency pair was concentrating on the fact that the pair was about to break the upper trend line of a junior descending pattern. It occurred on August 1 and the rate traded sideways in the aftermath of the breaking.
On Thursday, the currency rate stopped the sideways movements and broke past the SMAs, which kept it lower for the past two trading sessions. Namely, the previously expected surge has begun.
Most likely in the future the rate will form an ascending pattern of the same scale as the just broken channel down pattern.
Author
Dukascopy Bank Team
Dukascopy Bank SA
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