Dukascopy Bank Team
Dukascopy Bank SA
USD/NOK 1H Chart: Rising Wedge
Comment: The pair has been on a sideways trend for most of November; however, now at the second part of the month the pair has started to form a rising wedge pattern.
Currently, the pair is facing the lower trend-line, as bears are trying to drag the pair below the level. With the mixed technical levels this might be the case. The bigger reason for bearish break-out to take place is the fact that an overwhelming majority of the SWFX market participants are the pair’s bears, namely 71.28% of them. Therefore, we think that USD/NOK will decline towards the weekly S1 and daily S2 at 6.7047/35, these are the levels where the pattern started to form.
AUD/SGD 4H Chart: Double Bottom
Comment: After nearing the 1.1800 level at September, the pair started to decline sharply. However, the support around the weekly S2 at 1.1028 halted the drop and helped to form a double bottom pattern.
Nonetheless, at the moment the AUD/SGD cross is trying to form triple bottom pattern, after a failure to break above the pattern’s neckline around the 1.14 mark. The 4H and weekly technical indicators suggest that the pair is poised for a retreat, thus making a triple bottom formations a likely scenario. The majority of the SWFX traders’ are also sceptical on the currency pair’s advance as 65.20% of them have opened short positions on the pair.
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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