Dukascopy Bank Team
Dukascopy Bank SA
USD/ZAR 4H Chart: Channel Down
Comment: We hold a strong negative bias towards USD/ZAR, as the currency pair has recently broken through the neck-line of the double top and formed a downward-sloping channel. The current rally is expected to stop developing at 13.3084 and give way for a new bearish wave. A close above this resistances will suggest a surge to 13.5721. However, the longer-term prospects are much less certain. The rate is approaching a support up-trend that connects troughs that appeared during the period between November 2014 and June 2015. At the same time, a half of the weekly technical indicators is sending ‘buy’ signals, and the US Dollar appears to be oversold, being that 74% of open positions are short.
XAU/USD 1H Chart: Channel Down
Comment: The price of gold has just dipped through the trend-line that had underpinned the rate since the beginning of Oct. Accordingly, we expect further depreciation of the metal. Bearish intentions of the bullion will be confirmed with a close beneath the 200-hour SMA, which is likely to be broken after a correction to 1,173, where the upper trend-line of the channel is reinforced by the daily and weekly PPs. If the recovery extends beyond the boundaries of the pattern, there are still notable supply areas at 1,178 (Oct 19 high) and at 1,184 (Oct 16 high). The SWFX sentiment, in the meantime, is neutral, as there is almost no difference between the longs (51%) and the shorts (49%).
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 hovers near 1.0700 even as USD struggles ahead of data
EUR/USD has erased gains to trade flat near 1.0700 in the European session on Thursday. The pair comes under pressure even as the US Dollar struggles, in the aftermath of the Fed policy announcements and ahead of more US employment data.
GBP/USD turns south toward 1.2500, US data eyed
GBP/USD is consolidating the rebound above 1.2500 in European trading on Thursday. The pair struggles, despite the US Dollar weakness on dovish Fed signals. A mixed market mood caps the GBP/USD upside ahead of mid-tier US data.
Gold price pulls back as market sentiment improves
The Gold price is trading in the $2,310s on Thursday after retracing about three-tenths of a percent on reduced safe-haven demand. Market sentiment is overall positive as Asian stocks on balance closed higher and Oil prices hover at seven-week lows.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.