Dukascopy Bank Team
Dukascopy Bank SA
EUR/AUD 1H Chart: Channel Down
Comment: After a sharp advance at the beginning of month the Euro started to slide towards 1.40 level; however, the bearish channel began to form on 25th of August. At the moment EUR/AUD is trading closer and closer to the major level at 1.40, which was approached on July 2013 for the last time. Nonetheless, the technical indicators are mostly mixed, that said they are not giving any clear signals for the time being. The traders sentiment however is slightly bullish, with 56.66% of them expecting the Euro to reverse its previous losses. Therefore, we expect the pair touching the lower trend-line before appreciating and possibly breaching the up-trend’s resistance.
USD/ZAR 4H Chart: Triangle
Comment: USD/ZAR entered a symmetrical triangle in the first part of August and now is on verge of a breakout. Taking into account that the pair has been trading around the upper trend-line for most of the time lately the break-out could be bullish. Although, since there is weekly and monthly PPs at 10.664/676 ahead and 64.28% of the traders are short on the pair a bearish break-out could occur as well. In the nearest trading sessions there should be indications on the break-out’s direction. In case the Greenback breaches the weekly and monthly PPs then we are likely to see further advance towards above the 10.700 mark.
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
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.