Trade Pattern Ideas · Norwegian Krone in a short-term ascending channel. The pattern has formed as...
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04/05/2017 Trade Pattern Ideas
Transcript of Trade Pattern Ideas · Norwegian Krone in a short-term ascending channel. The pattern has formed as...
04/05/2017
Trade Pattern Ideas
Dukascopy Bank SA, Route de Pre-Bois 20, International Center Cointrin, Entrance H, 1215 Geneva 15, Switzerland tel: +41 (0) 22 799 4888, fax: +41 (0) 22 799 4880 [email protected]
Thursday, May 04, 2017 07:30 GMT
Comment: The common
European currency continues to
trade against the Hong Kong
Dollar in the long-term ascending
channel, which has not yet
showed any signs of weakness.
During last week, the pair has
been fluctuating between the
upper trend-line around 8.5079
and the weekly Pivot Point at
8.4717, trying to resume its
downward movement to the 200-
day SMA located at the 8.4106
level. It is most likely that the rate
will remain above the support line
next week as well, amid markets’
reaction to the second round of
French Presidential election, which
will take place on May 7.
EUR/HKD 1D Chart: Channel Up
Level Rationale Indicator 4H 1D 1W
R4 8.5958 Monthly R1 MACD (12; 26; 9) Buy Buy Buy
R3 8.5781/96 Upper Bollinger Band; Weekly R2 RSI (14) Neutral Neutral Neutral
R2 8.5287 Weekly R1 Stochastic (5; 3; 3) Neutral Sell Sell
R1 8.5190 ADX (14) Neutral Neutral Neutral Channel Upper-trend line
CCI (14) Buy Neutral Sell S1 8.4717 Weekly PP
S2 8.4208 Weekly S1 AROON (14) Buy Buy Buy
S3 8.4090/46 200-day SMA; Monthly PP Alligator (13; 8; 5) Neutral Buy Neutral
S4 8.3719 Bottom Bollinger Band SAR (0.02; 0.2) Sell Buy Buy
Aggregate ↗ ↗ →
Dukascopy Bank SA, Route de Pre-Bois 20, International Center Cointrin, Entrance H, 1215 Geneva 15, Switzerland tel: +41 (0) 22 799 4888, fax: +41 (0) 22 799 4880 [email protected]
Thursday, May 04, 2017 07:30 GMT
Comment: The common European
currency is trading against the
Norwegian Krone in a short-term
ascending channel. The pattern has
formed as a result of the currency
pair breaking through the bottom
trend-line of the senior upward
channel near the 9.3400 level. It is
likely that the pattern will remain
until the end of this trading week
and then gradually transform into
an ascending triangle amid strong
resistance provided by the weekly
R2 and monthly R1 around 9.4620.
The likelihood of this scenario and
general upward movement of the
rate is additionally supported by
the ascending 100-day and 200-
day SMAs.
EUR/NOK 1H Chart: Channel Up
Level Rationale Indicator 30M 1H 4H
R4 9.5638 Monthly R2 MACD (12; 26; 9) Buy Sell Buy
R3 9.5497 Weekly R3 RSI (14) Sell Neutral Neutral
R2 9.4614/25 Weekly R2; Monthly R1 Stochastic (5; 3; 3) Sell Sell Neutral
R1 9.4455 ADX (14) Buy Neutral Neutral Upper Bollinger Band
CCI (14) Sell Sell Neutral S1 9.4228 Bottom Bollinger Band
S2 9.4113 Weekly R1 AROON (14) Buy Buy Buy
S3 9.4009/02 Bottom trend line; Bottom Bollinger Band Alligator (13; 8; 5) Buy Sell Neutral
S4 9.3764 100-day SMA SAR (0.02; 0.2) Buy Buy Sell
Aggregate → → ↑
Dukascopy Bank SA, Route de Pre-Bois 20, International Center Cointrin, Entrance H, 1215 Geneva 15, Switzerland tel: +41 (0) 22 799 4888, fax: +41 (0) 22 799 4880 [email protected]
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