Dukascopy Bank Team
Dukascopy Bank SA
AUD/NZD 1H Chart: Falling Wedge
Comment: At the first part of October, AUD/NZD failed to approach the 1.13 level. After many unsuccessful attempts to do so the pair started declining, thereby forming a falling wedge pattern.
Currently, the currency pair is challenging the upper trend-line, thus increasing the possibility of a break-out to emerge. Moreover, the fact that the Aussie is holding above the 1.10 mark is a sign that pair is not likely to dip below this level. A majority (66.71%) of the SWFX market participants are also bullish on the pair. At the same time, the technical studies are not giving any valuable signals. If the pattern is breached to the upside then the 1.1100/12 levels become the target.
USD/SGD 4H Chart: Channel Up
Comment: When on 23rd of July the USD/SGD cross reached this year’s low at 1.2366 the down-trend ended. Since then the pair has formed a 276-bar long bullish channel.
At the moment, the pair is hovering around the uptrend’s support line, that is located at 1.2763. It seems that USD/SGD is lacking a substantial support level that could keep the pattern in effect. Therefore, we expect that the current trend could be breached this week. Also, the SWFX traders’ are strongly bearish on the pair as 74.19% of them think that the US Dollar is overvalued against the Singapore’s currency. We expect the pair to decline below the 1.27 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.
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