Article / 21 June 2017 at 4:48 GMT

Chart Bites: EURGBP, AUDNZD continue to build momentum

Trader / Saxo Capital Markets Pte Ltd
Singapore
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  • A possible rising trend channel is developing for EURUSD
  • Upside momentum for the US dollar index may be overstretched 
  • EURGBP and AUDUZD continue to build upside momentum

By Edmund Liu

ESc1

Recent highs on the S&P 500 appear to be forming a rising wedge, which is technically bearish.
This is also confirmed on the weekly charts, where the higher highs are made on declining momentum.

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EURUSD

A possible rising trend channel is developing for EURUSD, however further closes below the trend channel could open up a correction to 1.10.

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DXc1

US dollar index has its stochastics overbought, suggesting upside momentum is overstretched. The 100-day moving average moves below the 200-day moving average today.

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XAUUSD

Gold has form an uptrend channel on the daily charts for all of 2017. We could however see a pullback to 1230 before the next wave higher. On the weekly charts, gains are capped by trendline resistance.

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EURGBP

EURGBP continues its multi-year uptrend, breaking out of its triangle on the weekly charts.

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USDJPY

USDJPY possibly turning lower at trendline resistance. This is further supported by the Ichimoko cloud, which is at 111.81 today.

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AUDNZD

AUDNZD continues to build upside momentum on the daily charts after the MACD bull cross last week. It is also supported on multi-year trendline support, on the weekly charts.

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CLc1

Light sweet crude appears to be supported on trendline support, which has held on multiple touch points going back to March 2017. Stochastics are also oversold. On a longer term basis crude may also be forming a descending broadening wedge, a bullish pattern once the upper resistance line is broken.

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CGP

Noble Group, a commodity supply chain manager listed in Singapore, appears to have reversed its downtrend, at least for now.

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T:xnys

AT&T appears to be forming an ascending triangle on the charts. A close above 39.00 would be confirmation of the bullish pattern.

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Source: all charts SaxoTrader. Create your own charts with SaxoTrader; click here to learn more 

Edited by Gayle Bryant

Edmund Liu is a trader on TradingFloor.com

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