GBP/USD 4H Chart: Ascending triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Ascending triangles formed by EUR/JPY and GBP/USD are similar in nature. Both have emerged after a decline, and in both cases technical studies imply appreciation of a base currency. In case of a bullish break-out the main target will be the June high, even though the distance between the key resistance level and 1.5930 is less than the height of the pattern. This is because the price may have trouble rising past the June high. Alternatively, if the lower trend-line is breached, the first target will be at 1.5468, represented by the July 24 low. Next is the monthly S1 and Jul 8 low at 1.54 and at 1.5330, respectively. Here the market is divided as well: 50% of positions are long and the rest are short.
© Dukascopy Bank SA
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Mon, 03 Aug 2015 07:05:55 GMT

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EUR/AUD has been bullish for the past four months, and the currency pair is likely to keep moving north. However, we would like to note that the downside risks are significant, and they are rapidly increasing. There is a good chance the Euro is going to finish the downward correction soon and rebound from 1.49. Further prospects however, are obscured,

Mon, 03 Aug 2015 06:14:01 GMT

EUR/JPY 4H Chart: Ascending triangle

A traditional ascending triangle is a continuation pattern within an up-trend; this time around it was preceded by a sell-off, which increases the uncertainty regarding the direction of a break-out. Considering the technical indicators however, the risks are skewed to the upside. Accordingly, the base case scenario is a close above the level of 137 yen and a subsequent development

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