Dukascopy Bank Team
Dukascopy Bank SA
USDJPY 4H Chart: Channdl Up
The US Dollar is currently testing the ascending channel's support line, a confirmation of which is likely to send the USD/JPY soaring towards the monthly R2 at 123.50. A breach of this resistance would allow the Buck to retest the channel's upper boarder somewhere between 124.00 and 125.00 in the near future. Contrariwise, if the Greenback fails to find support in face of the up-trend today, the 200-period SMA (also bolstered by the weekly PP and monthly R1) could then provided sufficient demand. Technical studies are supporting the viability of the support line succeeded in causing a rebound, but traders remain wary of the pair succeeded to advance, as 75% of all positions are short.
AUD/USD 1H Chart: Falling Wedge
The Aussie is currently testing the down-trend of the falling wedge, a breach of which should trigger a buying spree until the exchange rate reaches the November high at 0.7224. Technical indicators are supporting this scenario, but the AUD/USD still risks falling down. Several strong supports are in the AUD's path, namely the 55-hour SMA, also bolstered by the daily PP, and the 200-hour one. Another sign of the possible pattern confirmation will be the moment when the 55-hour SMA crosses the 200-hour one to the downside, which might even occur today. Meanwhile, more than 71% of SWFX traders retain a positive outlook towards the Australian Dollar.
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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