Dukascopy Bank Team
Dukascopy Bank SA
USD/NOK 4H Chart: Channel Up
Comment: The outlook on USD/NOK is strongly bullish. Not only has the currency pair formed a high-quality ascending channel, but it has also come into contact with the long-term trend-line that originates back in the second half of 2014. Considering the technical indicators, the near-term outlook is bullish as well. The price is expected to rebound from 8.6730 (weekly PP and 200-period SMA), but the upside potential is to be limited by the upper bound of the channel. This resistance trend-line is at 8.7860. On the other hand, in order to invalidate the positive outlook, the price needs to close beneath 8.5845. The rate will then eventually fall down to 8.04, the October low of the previous year.
EUR/SGD 4H Chart: Channel Down
Comment: EUR/SGD has just touched upon the lower edge of the emerging bearish channel. Accordingly, we expect the Euro to bounce off of the support at 1.5230 and rally towards 1.5470, where the bullish correction should end. The bearish wave that is likely to start there will probably extend down to 1.51. This level is in turn is the lower bound of the symmetrical triangle that is to be eventually broken, considering that in the weekly chart the pair is in a clear down-trend. If the rate manages to jump over the red trend-line, the single currency will have an opportunity to re-test the upper bound of the triangle at 1.5950, but this will not change the overall negative bias.
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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