AUD/JPY 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY has just confirmed the broadening falling wedge pattern, as the resistance at 90.60 failed to stop bulls from pushing the Australian Dollar higher. The rate is now testing the weekly S1 at 91.36, and gains are expected to be solid in case of consolidation above this mark. The bullish outlook is also supported by the short and medium-term technical indicators, as well as the vast majority (73%) of SWFX market participants. However, sustainability of the positive correction can be at risk around 92.23, where daily R2 coincides with the 200-hour SMA. Therefore, daily studies are already pointing downwards, questioning reliability of the present rebound.

© Dukascopy Bank SA
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Fri, 10 Jul 2015 14:50:06 GMT

EUR/GBP 4H Chart: Channel Down

The Euro is still trading inside the boundaries of the channel down pattern against the British Pound, even though the exchange rate has somewhat rebounded in the past several weeks. Moreover, the EUR/GBP is currently approaching the upper trend-line of the pattern, which is still strengthened by this week's resistance, namely the weekly R2 at 0.7279. The short-term outlook is

Fri, 10 Jul 2015 06:30:09 GMT

EUR/TRY 4H Chart: Channel Down

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