Article / 21 June 2017 at 4:48 GMT

Chart Bites: EURGBP, AUDNZD continue to build momentum

Trader / Saxo Capital Markets Pte Ltd
  • 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


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.


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


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.


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.


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


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


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.


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.


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



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

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

Chart Bites is provided for your general information and all reasonable efforts have been made to ensure that any information and commentary are accurate and up-to-date. The presentation is updated from time to time but may not always be up-to-date in every respect and no responsibility is accepted for any loss arising from inaccurate or incomplete information, however caused. We make no warranty as to the accuracy, completeness, merchantability or fitness for any purpose, of the information contained in the presentation or as to the results obtained by any person from the use of any information or investment product mentioned throughout this presentation.
None of the information contained herein constitutes an offer to purchase or sell a financial instrument, or to make any investments. We do not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability to the accuracy or completeness of the information nor for any loss arising from any investment based on a recommendation, forecast or other information supplied by this presentation, third party, or otherwise. All expressions of opinion are subject to change without notice.


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail