Dukascopy Bank Team
Dukascopy Bank SA
AUD/USD 1H Chart: Channel Down
Comment: This channel down pattern started to form at the second part of July and it has lost more than 200 pips from its peak on 24th of July at 0.9473. However, at the moment of writing AUD/USD is hovering close to the down-trend support line at 0.9225. The technical studies are largely bearish, thus the decline is likely to continue; although, we expect the pair to consolidate around the monthly S1 at 0.9219, before any other substantial movements. The sentiment towards the pair remains slightly bullish and that is increasing the likeliness of a bounce, meaning that the current trend would continue.
EUR/SEK 4H Chart: Triangle
Comment: EUR/SEK currency pair has been trading inside the symmetrical triangle since the end of July and now it has reached the triangle’s apex. It seems that we might see a upward break-out towards the major level at 0.93. This scenario is supported by the majority of the weekly technical indicators that are largely bullish. However, if the resistance lines (monthly PP and weekly R1) at 0.92555/59 remains intact then that could drag the pair lower. For matter of fact, this scenario is rather likely to happen as the pair’s sentiment is strongly bearish, with 71.07% of the market participants expecting the Euro to underperform relative to the Swedish currency.
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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