GBP/CAD 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Usually an ascending triangle is expected to culminate in a rally, but in this case the pattern was breached to the downside, implying a decline. The British Pound was unable to recover after the ‘Brexit' vote, and now the currency is positioned to cede even more ground. The intermediate target is the July 13 low at 1.70, and eventually the sell-off should extend to 1.67, namely the lowest level in July. The negative outlook is further reinforced by the SWFX sentiment and the technical studies: an overwhelming majority of open positions are long (75%), and most of the indicators in the four-hour and weekly time frames are giving ‘sell' signals.
© Dukascopy Bank SA
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Mon, 01 Aug 2016 07:18:04 GMT

AUD/JPY 1W Chart: Channel Down

Considering that the pair has recently rebounded from the lower bound of the pattern, the near-term outlook is bullish. The gains, however, are to be limited by 83 yen, namely the upper bound of the pattern. The bears should then take control of the pair and initiate a new downward wave, which will presumably extend down to the falling support

Mon, 01 Aug 2016 06:32:09 GMT

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