AUD/JPY 1H Chart Emerging Pattern: Triangle

by Admin

AUD/JPY has formed a Triangle on a 1H chart, bouncing up and down from two converging trend-lines for the last 270 bars. Being that the currency pair is at the resistance line, the Aussie is likely to depreciate until the price reaches 95.93. On the other hand, technical indicators in aggregate are slightly bullish.


USD/DKK 1H Chart

Emerging Pattern: Channel Up

USD/DKK has formed a Channel Up on a 1H chart, implying that the long-term outlook on the currency pair is positive. This idea is also supported by hourly and 4H indicators, but the signals are rather weak at the moment. The market, however, is expecting emergence of a dip, being that 73% of positions are short.


EUR/USD 1H Chart

Emerging Pattern: Channel Down

EUR/USD has formed a Channel Down on a 1H chart. The ratio between the bulls and bears suggests there is indecision among the traders, as it is not yet certain whether the pair is going to complete a leg up or re-test the lower edge of the pattern first, which is also a viable course of events. Accordingly, it may seem reasonable to wait until either of the down-trend lines is confirmed to make any kind of decision.