GBP/USD 1H Chart Emerging Pattern: Channel Down

by Admin

GBP/USD has formed a Channel Down pattern on the 1H chart. The pattern has 41% quality and 79% magnitude in the 187-bar period.

The pattern began on 13th of January when the pair peaked to 1.5689; currently it is trading close to pattern’s resistance at 1.5194. Trading volume seems to be holding at the same level in the length of the pattern. Technical indicators on aggregate point at appreciation of the pair on 1H horizon suggesting it might breach the pattern upwards. Long traders could focus on the pattern’s resistance/daily pivot (R1)/Bollinger band at 1.5210/25, daily pivot (R2) at 1.5272 and daily pivot (R3)/200-bar SMA at 1.5343/55.

Technical indicators on aggregate point at depreciation of the pair on 4H horizon. Short traders could focus on the 20-bar SMA/daily pivot (PP) at 1.5162/47, Bollinger band/daily pivot (S1) at 1.5098/94 and pattern’s support/daily pivot (S2) at 1.5025/22.

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AUD/NZD 1H Chart

Emerging Pattern: Rectangle

AUD/NZD has formed a Rectangle on a 1H chart, fluctuating between two horizontal lines that are separated by more than 80 pips. The resistance stands at 1.2347 and for now appears to be able to contain the rally. The support line lies at 1.2262 and is reinforced by the 200-bar SMA, adding to its reliability should it be tested again in the near future.

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EUR/AUD 1H Chart

Emerging Pattern: Channel Down

EUR/AUD has formed a Channel Down on a 1H chart, as it was capped by the 200-bar SMA, while charting the last 100 candles. Just recently the currency pair has confirmed the lower down-trend support at 1.2666, implying that the near-term outlook is bullish. Moreover, at the moment appreciation of the Euro relatively to the Aussie is favoured by 71% of SWFX marketplace participants.

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AUD/CAD 1H Chart

Emerging Pattern: Double Top

AUD/CAD has formed a Double Top on a 1H chart, having drawn two consecutive peaks around 1.0575. However, the price may have trouble penetrating the neckline area at 1.0513 in order to pave the way towards 1.04476, the 200-bar SMA, since the support has proven previously (Feb 19) to be quite strong. At the same time traders seems to be largely undecided, as 54% of positions are long and 46% are short.

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