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10/04/2017
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]
Monday, April 10, 2017 08:30 GMT
Comment: The monthly downtrend
added a second boundary to sketch a
falling wedge on the hourly chart to
set some bullish pressures into
action. The GBP/JPY has just touched
the upper bound of the pattern and
entered a resistance cloud which is
most likely to send the rate packing
towards the lower trend-line around
137.02. There is a strong support
cluster at 137.66/62 which will cause
some stickiness at the area, but let
the pair slide eventually. The rate
has hit the 137.91/87 support
cluster, which consists of the 100
and 55-hour SMA as well as the
lower bound of the cloud support,
which means that we could see a
slight correction of the area before
the slip.
GBP/JPY 1H Chart: Falling Wedge
Level Rationale Indicator 4H 1D 1W
R4 138.95 Daily R2 MACD (12; 26; 9) Sell Sell Sell
R3 138.37 200-hour SMA RSI (14) Neutral Neutral Neutral
R2 138.18/24 Cloud Resistance; Weekly PP; Upper BB; Daily R1 Stochastic (5; 3; 3) Sell Sell Sell
R1 138.10 ADX (14) Neutral Neutral Neutral Wedge Upper trend-line
CCI (14) Neutral Buy Buy S1 137.91/87 55&100-hour SMA; Cloud Support
S2 137.66/62 20-hour EMA; Daily Pivot Point AROON (14) Buy Buy Buy
S3 137.10 Bottom BB; Monthly Trend-line Alligator (13; 8; 5) Sell Sell Sell
S4 136.88 Daily S1 SAR (0.02; 0.2) Sell Sell 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]
Monday, April 10, 2017 08:30 GMT
Comment: What used to be a
channel down pattern on the hourly
chart, has now lost amplitude for
lows and upped its bullish potential
as a falling wedge emerges. Following
the double top on the daily chart,
NZD/JPY showed solid downward
momentum until just now. The hit at
the upper trend-line might serve as a
stepping stone to start another wave
south, setting the 76.56 area as its
ultimate target after strong support
at 77.20/18 and 77.18/06 is
encountered. However, because the
region below is tough to breach, the
pair might as well launch a second
attack on the upper bound around
77.36/37 which would then make us
lean towards a breakout amid
stickiness at the trend-line.
NZD/JPY 1H Chart: Falling Wedge
Level Rationale Indicator 30M 1H 4H
R4 77.60 200-hour SMA MACD (12; 26; 9) Buy Buy Sell
R3 77.44 Daily R1 RSI (14) Neutral Neutral Neutral
R2 77.40 Upper Bollinger Band; Wedge Upper trend-line Stochastic (5; 3; 3) Sell Sell Buy
R1 77.33 ADX (14) Neutral Neutral Neutral Weekly Pivot Point
CCI (14) Neutral Sell Neutral S1 77.19/18 100&55-hour SMA; 20-hour EMA
S2 77.11/06 Cloud Support; Daily Pivot Point AROON (14) Buy Buy Buy
S3 76.98 Bottom Bollinger Band Alligator (13; 8; 5) Buy Buy Sell
S4 76.74 Daily S1 SAR (0.02; 0.2) Buy 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]
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