Dukascopy Bank Team
Dukascopy Bank SA
EUR/HKD 4H Chart: Channel Down
Comment: After a decline that started at the beginning of May the pair reversed some of the losses in June. Although, at the moment EUR/HKD is in the down-trend again. For the last week the pair is hovering near the upper line around 10.38 and that could encourage the bullish traders. Near the upper channel line there is also the daily R1 and 55-day SMA at 10.3869/95, these levels will help the resistance line to hold its positions. Moreover, the technical studies point downwards, strengthening the case that the down-trend will continue. The pair’s sentiment is strongly bearish, with 73.17% expecting the pair to depreciate.
AUD/CHF 4H Chart: Rising Wedge
Comment: The pair is trading very close to the up-trend support line at 0.8408. If the pair slides and closes below the previously mentioned level then we might see a sell-off as the rising wedge pattern’s breakout is downward in 69% of all cases. However, to our mind the pair should receive a bullish impetus around current trading levels for couple of reasons. The majority of the technical indicators are bullish, there is a cluster of substantial support levels (the major 0.94 level, daily S3 at 0.9399 and the weekly S1 at 0.8398) and last but not least the market sentiment is strongly bullish (74.10%). To our mind that should be enough to push AUD/CHF higher.
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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