Dukascopy Bank Team
Dukascopy Bank SA
AUD/NZD 1H Chart: Channel Up
Comment: This currency pair will shortly reach a point when it should commence a correction to the upside, which is also forecasted by the daily technical indicators at the moment. The green trend-line is placed at 1.1171 and secured by the first daily support for today at 1.1162. Any drop below here seems unlikely, as extra demand is being offered by cluster of supports created by the 100-hour SMA and weekly pivot point at 1.1145 and 1.1135, respectively. The rally, if takes place, should extend through the weekly R1 at 1.1371 over the next 48 hours. Success here will pave the way for a jump to the upper edge of the pattern near 1.1450. Meanwhile, SWFX sentiment (67% long) suggests the Aussie is already overbought.
USD/SEK 4H Chart: Rectangle
Comment: There is a high chance of a downward confirmation of the pattern, which will happen in case the December 2015 low at 8.3240 is penetrated. Such a case is statistically implied by the pattern itself, as rectangles suggest the earlier trend of the pair, which is to the downside, will continue in the future. Weakness of the US Dollar is anticipated by the weekly technical indicators. On top of that, USD/SEK seems to remain quite overbought in the SWFX market, as 70% of all open positions are bullish. A loss under 8.32 will expose the monthly S2 to higher bearish risks, followed by the monthly S3 near 8.14. Meanwhile, any recovery is expected to be contained by the cluster of resistances at 8.48/50, where moving averages merge with the monthly PP.
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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