© Dukascopy Bank SA
The pattern started when the pair bounced from 0.9694. Currently the pair is trading at 20 bar EMA at 0.9749. Technical indicators on aggregate point at augmentation of the pair on 30M, 1H and 4H time horizons. The SWFX market sentiment is bullish as 72% of traders hold long positions on the pair expecting its appreciation. In addition, 65%of all pending orders in the range of 100 pips from current market price are buy orders. Long traders could focus Bollinger band at 0.9762, daily pivot (R1) at 0.9774, pattern's resistance limit at 0.9785 and daily pivot (R2) at 0.9801.
Short traders, who expect that the pair will breach pattern's support, could focus on pattern's support limit at 0.9746, Bollinger band at 0.9739, daily pivot (PP) at 0.9731, 200 bar SMA at 0.9724 and Fibonacci (61.8% of move since 13th of September) at 0.9716.
© Dukascopy Bank SA