trade pattern ideas · 2016 high and low levels. consequently, if the rate fails to break through...
TRANSCRIPT
31/05/2017
Trade Pattern Ideas
Dukascopy Bank SA, Route de Pre-Bois 20, International Center Cointrin, Entrance H, 1215 Geneva 15, Switzerland tel: +41 (0) 22 799 4888, fax: +41 (0) 22 799 4880 [email protected]
Wednesday, May 31, 2017 07:30 GMT
Comment: The common European
currency is gaining value in the
short term ascending channel
against the Australian Dollar. The
four hour timeframe reveals that the
pair failed to break the support put
up by the 61.8% Fibonacci
retracement level and weekly S1 at
1.4942 and 1.4937. The retracement
levels for this pair are measured by
connecting the 2016 high and 2015
low levels. Consequently, in
upcoming days the rate is going to
try to reach the upper trend line of
the channel, where it will face a
strong resistance put up by the 50%
Fibo and weekly R2 at 1.5190 and
1.5201. If the pair fails to bypass
this barrier, there is a possibility that
the falling wedge may start to form.
EUR/AUD 4H Chart: Channel Up
Level Rationale Indicator 4H 1D 1W
R4 1.5113 Weekly R1 MACD (12; 26; 9) Sell Sell Sell
R3 1.5076/79 Upper Bollinger Band; Monthly R2 RSI (14) Neutral Neutral Sell
R2 1.5024 Weekly PP Stochastic (5; 3; 3) Sell Sell Sell
R1 1.5002/09 ADX (14) Neutral Buy Neutral 55-period SMA; 20-period SMA
CCI (14) Neutral Neutral Sell S1 1.4942 61.8% Fibo
S2 1.4937 Weekly S1; Trend line AROON (14) Buy Buy Buy
S3 1.4923 100-period SMA Alligator (13; 8; 5) Sell Buy Buy
S4 1.4848 Weekly S2 SAR (0.02; 0.2) Sell Buy Buy
Aggregate ↘ ↗ →
Dukascopy Bank SA, Route de Pre-Bois 20, International Center Cointrin, Entrance H, 1215 Geneva 15, Switzerland tel: +41 (0) 22 799 4888, fax: +41 (0) 22 799 4880 [email protected]
Wednesday, May 31, 2017 07:30 GMT
Comment: The British Pound is
trading against the Canadian Dollar in
the short term descending channel,
which began to form after the
currency pair broke through the
bottom line of the previous medium
term descending channel near 1.7503.
In the nearest future the pair is about
to face a strong support on its way
consisting of the bottom trend line of
the long-term ascending channel and
23.6% Fibonacci retracement level at
1.7128. The retracement levels for this
pair are measured by connecting the
2016 high and low levels.
Consequently, if the rate fails to break
through this barrier, the junior pattern
will be broken. However, this also
means that the pair is going to resume
an upward movement within the
boundaries of the dominant channel.
GBP/CAD 4H Chart: Channel Down
Level Rationale Indicator 4H 1D 1W
R4 1.7449/68 55-period SMA; 200-period SMA MACD (12; 26; 9) Sell Sell Sell
R3 1.7345/59 Weekly PP; Upper Bollinger Band RSI (14) Neutral Neutral Neutral
R2 1.7310/16 Monthly PP; Trend line Stochastic (5; 3; 3) Sell Neutral Sell
R1 1.7280 ADX (14) Sell Sell Buy 20-period SMA
CCI (14) Neutral Buy Neutral S1 1.7200 Bottom Bollinger Band
S2 1.7140/28 Trend line; 23.6% Fibo AROON (14) Buy Buy Buy
S3 1.7082 Weekly S1 Alligator (13; 8; 5) Sell Neutral Buy
S4 1.6931 Weekly S2 SAR (0.02; 0.2) Buy Sell Buy
Aggregate ↘ → ↗
Dukascopy Bank SA, Route de Pre-Bois 20, International Center Cointrin, Entrance H, 1215 Geneva 15, Switzerland tel: +41 (0) 22 799 4888, fax: +41 (0) 22 799 4880 [email protected]
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