Dukascopy Bank Team
Dukascopy Bank SA
AUD/NZD 1H Chart: Triangle
Comment: For a very short moment the Aussie/Kiwi cross fell below the green trend-line of the triangle pattern it is currently trading in. Nevertheless, the bulls managed to revive and now the pair is dealing with the cluster of moving averages around 1.1115. A rally is not estimated, because the SMAs are immediately followed by the pattern upper boundary at 1.1139, which is boosted by the daily R1 and the weekly pivot point. Being that triangles are continuation patterns, the likelihood of an ultimate bearish break out is quite high. AUD/NZD is required to have a successful second testing of the pattern’s support in order to confirm it. Then the focus will shift towards the next closest demand at 1.1042/35 (daily/weekly S1).
EUR/PLN 4H Chart: Channel Down
Comment: The EUR/PLN currency pair remains oversold in the SWFX marketplace, because as many as 65% of all positions are short. This is moving odds in favour of a rebound, which seems to have already started. Yesterday the cross eliminated the monthly pivot point, thereby setting ground for a testing of the 200-period SMA at 4.30. Success here is not fully guaranteed, as even technical studies are deeply sceptical with respect to the European currency’s perspectives. However, ability to erode the moving average will improve the outlook and should encourage the bulls for more purchases. Before another leg down from the pattern’s resistance at 4.36, EUR/PLN will also have to breach the monthly R1 at 4.3256 next week.
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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