XAU/USD heads to upper edge of ascending channel

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 56% 51% 8.93%
Shorts 44% 49% -11.36%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Sell Buy
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

Pressure of the 55-, 100- and 200-hour SMAs prevailed over the combined resistance formed by the 61.8% retracement level and the monthly PP. As a result, the exchange rate approached and tested the upper trend-line of a large ascending channel. 

Although the first attempt was not successful, the pair is expected to continue climbing to the top, using support provided by the above moving averages plus the weekly R1 located at the 1,281.00 level. 

There is a need to notice that on daily chart the pair faces no barriers on its way up until the weekly R2 at 1,291.92. This fact as well as the aggregate market sentiment, which is 63% bullish, suggests that the rate has a high probability to breakout from the channel up, instead of making a rebound near the 1,288.00 mark.

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