Trade Pattern Ideas · retracement level of the 2016 high and low levels, the surge did not occur...
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23/05/2017 Trade Pattern Ideas
Transcript of Trade Pattern Ideas · retracement level of the 2016 high and low levels, the surge did not occur...
23/05/2017
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]
Tuesday, May 23, 2017 07:30 GMT
Comment: Despite the recent
prognoses that the currency pair will
rebound from the lower trend line of a
dominant ascending channel, which is
supported by the 50.00% Fibonacci
retracement level of the 2016 high and
low levels, the surge did not occur and
the pair continues a downward
movement within the short term
descending channel. At the present
moment, the USD/NOK is trying to
pass through another support level
provided by the 61.80% Fibonacci
retracement level. Apparently, it will
succeed, as the narrowing fluctuations
of the rate indicate on formation of
the descending triangle. Nevertheless,
there is still a possibility that the pair
will break through the lower low highs
and meet a resistance near the
monthly S2 at 8.3866.
USD/NOK 1H Chart: Channel Down
Level Rationale Indicator 1H 4H 1D
R4 8.4081 100-period SMA MACD (12; 26; 9) Sell Sell Sell
R3 8.3866 Monthly S2 RSI (14) Sell Sell Sell
R2 8.3783/96 Trend line; 55-period SMA Stochastic (5; 3; 3) Neutral Neutral Buy
R1 8.3574 ADX (14) Sell Sell Neutral Upper Bollinger Band
CCI (14) Neutral Neutral Neutral S1 8.3334 Bottom Bollinger Band
S2 8.3133 Trend line AROON (14) Sell Neutral Buy
S3 8.2904 Weekly S1 Alligator (13; 8; 5) Buy Buy Buy
S4 8.2833 Monthly S3 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]
Tuesday, May 23, 2017 07:30 GMT
Comment: The Swiss Franc is trading
against the Singapore Dollar
simultaneously in the two ascending
channels. The junior channel began to
form shortly after the currency rate
bounced off from the bottom edge of
the dominant channel and then surged
again to the previous levels. For the
moment, the pair is fluctuating right
below the upper trend line of the senior
channel. Accordingly, the two scenarios
may occur. First, subjected to heavy
pressure of the dominant channel, the
rate may break the junior pattern and
resume a downward movement. This
scenario is additionally supported by
formation of the rising wedge. Second,
backed by the monthly R2 at 1.4236,
the pair may break through the senior
pattern and try to test the monthly R1
at 1.4345.
CHF/SGD 4H Chart: Channel Up
Level Rationale Indicator 4H 1D 1W
R4 1.4371 Monthly R3 MACD (12; 26; 9) Sell Sell Sell
R3 1.4345 Weekly R1 RSI (14) Buy Buy Buy
R2 1.4305 Trend line Stochastic (5; 3; 3) Neutral Neutral Neutral
R1 1.4290 ADX (14) Sell Sell Buy Upper Bollinger Band; Trend line
CCI (14) Neutral Neutral Sell S1 1.4249 Trend lines
S2 1.4236/34 Monthly R2; 20-period SMA AROON (14) Sell Neutral Sell
S3 1.4178/74 Bottom Bollinger Band; Weekly PP Alligator (13; 8; 5) Buy Buy Buy
S4 1.4145 Monthly R1 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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