© Dukascopy Bank SA
Despite being the same type of pattern as in aussie-greenback cross we have significantly different situation in the market. Due to the much smaller slope the traders cannot expect rapid returns in a short time, but to plan longer term trades. Quality rating is also significantly lower, mainly due to the erratic behaviour of the pair in the last few days. Short and long term technicals give neutral aggregate outlook suggesting we might not even see a breakout, but, rather, that the pattern will fade away. Medium term technicals , hovering, give bullish outlook suggesting it should maintain bullish trend, but, as mentioned before, we should not expect much more.
© Dukascopy Bank SA