Dukascopy Bank Team
Dukascopy Bank SA
EUR/JPY 1H Chart: Rising Broadening Wedge
Comment: After falling below the 136 level for the second time this year EUR/JPY received a bullish impetus and started to form a rising broadening wedge pattern.
Currently, the pair is hovering near the lower trend-line, thus a bearish break-out could be more actual. Moreover, for rising wedge pattern a break-out to the downside is more common. However, technical studies are neutral, with only the daily ones pointing to the upside. Therefore, we are recommending to gauge pair’s future development by its near-term performance. If the pair breaches the cluster of resistances around 139 level then an advance could follow.
USD/ZAR 4H Chart: Channel Up
Comment: The USD/ZAR currency pair found a relatively strong support around 10.600 that pushed to pair higher. With this advance a bullish channel was formed.
For couple of weeks the pair has been challenging the upper boundary of the pattern. However, it has not been able to break above the trend-line for now. Nonetheless, a majority (67.15%) of the SWFX traders expect the pair to slide lower and possibly to break the pattern to the downside. In case the pair’s bulls give up and the U.S. Dollar starts weakening towards the monthly R3 at 11.146 then the possibility of a bearish scenario increases.
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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