Technical Update - Bigger picture: AUDUSD, EURAUD, EURGBP, EURUSD , GBPAUD, GBPUSD & USDCHF
Kim Cramer Larsson
Technical Analyst, Saxo Bank
7 FX pairs with interest pattern development. Medium to longer term view. All weekly charts.
AUDUSD: Falling Wedge breakout testing 0.618 Fibo level . If breaking above price could extend to 0.800
EURAUD: (Descending) Triangle like pattern which seems to be the right complex Shoulder area in what looks like a Complex Shoulder-Head-Shoulder pattern. Break out has reached 0.50 Fibo Extension. Not unlikely to test 0.618 Extension and strong support at around 1.44.
EURGBP: Trading in a falling channel. 0.8200-0.8250 seems to be strong support area. . Bullish break out of falling trend could push EURGBP to 200 weekly SMA and top of start of channel around 0.87
GBPUSD: Double Top pattern unfolded and target reached. However, bear trend not unlikely to continue towards 1.2750-1.2675 - after a likely correction where GBPUSD could test upper falling trend line in the channel. 200 Weekly SMA offers some support
USDCHF: Forming an Ascending Triangle like pattern. Wait for break out direction. Strong resistance at 0.9550. Bullish break out likely target is 1.00. Resistance at 0.99. Bear break out, likely price target lows of the triangle i.e. around 0.8740.
Latest Market Insights
Quarterly Outlook Q3 2022: The Runaway Train
- Central banks' attempts to kill inflation is a paradigm shift, which could end in a deep recession.
Tangible assets and profitable growth are the winnersWith US equities officially in a bear market, the big question is where and when is the bottom in the current drawdown?
Understanding the lack of investment appetite among oil majorsThe everything rally seen in recent quarters has become more uneven, as its strength is driven by commodities in short supply.
The pressure is on as the wind leaves the sailsWith cryptocurrencies in sharp decline, are we entering a crypto winter or is the bear market a healthy clean-up of the crypto space?
Why the Fed can never catch up and what turns the US dollar lower?Many other central banks are set to eventually outpace the Fed in hiking rates, taking their real interest rates to levels higher than the Fed will achieve.
Bank of Japan: Swimming against the tideThe Japanese economy has gone from the age of deflation to rapidly rising prices in no time, leaving the Bank of Japan in a pickle.
Green transformation detour and bear market hibernationWith the impending risk of global econonomic derailment, we share the five things investors need to consider in this new half year.
Crisis redux for the eurozone?Whether there's going to be a recession in Europe or not, the path towards a stable economy will be agonizing.
Technical Outlook: Gold, Oil and a remarkable multi-decade perspective on EquitiesThe Nasdaq bubble pattern, USDJPY resistance, crude oil uptrend losing steam and the technical outlook for USD.
China: the train of new development paradigm left the station two years agoChina is transiting to a new development paradigm, as they are hit by deteriorating terms of trade, a slower global economy and an uncertain future while continuing attempts to contain the pandemic.