EUR/NOK 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rare, but possibly profitable, double top was formed by EUR/NOK. Several days ago the pair tried to penetrate the support line, however, bears were not strong enough. At the moment of writing, 73% of all opened positions were short, suggesting the price may turned lower and reach the lower trend line once again. In case of a downside breakout, lower prices and a surge in trading volumes can be expected, therefore the pair can be profitable for trade. As an alternative scenario, price may bounce back and the pair may even form a rectangle pattern, indicating a sideways movement.
© Dukascopy Bank SA
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Fri, 12 Jul 2013 14:16:09 GMT

EUR/JPY 4H Chart: Channel Down

Taking into account recent depreciation of the Japanese Yen, a channel down formed by EUR/JPY looks rather unusual. However, this retracement can end soon and we will observe further appreciation of the single currency versus the Japanese Yen, as the majority of technical indicators on aggregate are sending "buy" signals. In case of an upside breakout, higher prices are expected.

Fri, 12 Jul 2013 08:22:04 GMT

AUD/USD 4H Chart: Channel Down

We can observe increased volatility in most of the aussie denominated pairs. This, as in this case as well, lets us to believe that pattern's breach is likely to be swift and traders could trade on the momentum. Short term technicals point at further appreciation of the pair which coincides well with the fact that 70% of all open positions

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