Dukascopy Bank Team
Dukascopy Bank SA
USD/SGD 1H Chart: Broadening Rising Wedge
Comment: After a consolidation around the major level at 1.26, USD/SGD started to form a 276-bar long broadening rising wedge pattern.
Recently the U.S. Dollar breached the upper trend-line of the pattern; however, it seems that it is returning to trade in to the boundaries of the pattern. The pair has proved that is not completely ready for a bullish break-out; although, as previously mentioned it is showing some additional bullishness already. The 4H and daily technical indicators also predict a upwards movement. Moreover, the traders’ sentiment is strongly bullish, as 74.73% of the market participants expect that the pair will continue its appreciation.
EUR/JPY 4H Chart: Channel Down
Comment: In the middle of September EUR/JPY reached the highest level since early May; although, the pair was not able to prolong its advance and the pair’s bears took control of the market.
Currently, the currency pair is trading around the 137 mark, after reaching the upper trend-line a couple of days ago. Even though the pattern’s trading range is relatively narrow there is not that much evidence of a possible break-out, since the technical indicators are neutral and also the pair’s bulls and bears are almost at the same amount, as 51.78% of traders are bullish. If the weekly S1 at 136.47 does not hold then we are likely to see a sell-off towards this year’s low at 135.73.
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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