EUR/JPY 1 Hour Chart: Channel Down

Source: Dukascopy Bank
© Dukascopy Bank SA
Japanese Yen continues to strengthen against the single currency forming almost 500 bars downward channel on H1chart.  Despite high magnitude of 84%, the pattern size and bias indicate a clear bearish signal. Thus, traders might use pattern support and resistance lines to trade the pair. However, some might set small take profit levels and wait the price to show trend reversal signals like emerging double bottom pattern.

 

© Dukascopy Bank SA
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Thu, 12 Jan 2012 15:38:17 GMT

AUD/CAD 1 Hour Chart: Channel Up

AUD/CAD has formed a channel up. The pattern has medium quality of 64% and magnitude of 44%. Thus, traders will probably expect weak pattern breakout with a potential target around 40 pips. If the price continues movement within channel lines, traders may use support and resistance levels for hedging their positions.

Wed, 04 Jan 2012 14:16:38 GMT

GBP/USD 1 Hour Chart: Channel Up

The pair has formed an upward channel consisting from 80 bars. The price has been moving within a broad channel (74% magnitude) since December 29 and has been capped twice by a downtrend at 1.5570 and 1.5670. The support line has been formed by two price reversal points at 1.5362 and 1.5466. Traders might consider these lines for further profit and loss level evaluation.

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