Dukascopy Bank Team
Dukascopy Bank SA
AUD/USD 1H Chart: Falling Wedge
Comment: During more three months ended April 10, the Australian Dollar was appreciating against its U.S. counterpart. The pair halted the climb only after a jump to a six-month of 0.9463 that pushed AUD/USD into a falling wedge pattern.
Recently the currency couple has bounced off a two-week low of 0.9322 and now it is likely to witness a rise. This is bolstered by the SWFX data showing that over 77% of all orders are placed to by the pair. If these expectations come true, AUD/USD will attempt to target a cluster of resistances at 0.9335/47 (four-hour R1, R2, R3; daily PP) that if overcome will send the instrument to more formidable resistance at 0.9354 (50-hour SMA).
USD/PLN 1H Chart: Ascending Triangle
Comment: USD/PLN now represents a lucrative opportunity for traders as the pair exited a 194-bar long ascending triangle two hours earlier that means an accelerating decline may lie ahead. The likelihood of a dive is high since the bearish scenario is supported by market players who bet on depreciation of USD/PLN in circa 70% of cases. To confirm traders’ opinion, the pair has to plunge below the daily support line at 3.0284 and 200-hour SMA at 3.0234 that will open the way for a slide to the next level of 3.0195/59 (daily S2, S3) below which the pair is not likely to face any obstacle for a massive sell-off.
EUR/HKD 1H Chart: Descending Triangle
Comment: A 194-bar long descending triangle pattern shaped by EUR/HKD originated at almost a two-month low of 10.6071.
At the moment, the pair seems to have endeavored to repeat its attempt to breach the upper limit for the second time. The proximity of the apex coupled with the fact the pair is sitting close to the pattern’s resistance signalize that the currency couple may indeed exit the pattern. However, the disposition of the SMAs, with the 50-hour SMA being on the brink of falling below the 200-hour SMA warns that a strong bearish pressure may be in place in the hours to come.
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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