Dukascopy Bank Team
Dukascopy Bank SA
EUR/AUD 4H Chart: Channel Down
Comment: The outlook on EUR/AUD is bearish. The currency pair is trading within the descending channel, and the Euro is still overbought (71% of open positions are long) despite two months of the sell-off. The near-term gains are to be limited by the falling resistance line and weekly S1 at 1.46, while the target is a cluster of the lower trend-line, Jun 28 low and monthly S1. If this support is broken, the next objective will be at 1.3950/15, represented by the May low and monthly S2. On the other hand, a close above 1.46 will imply continuation of the rally to 1.4760/20, where the Euro will meet the weekly PP and Nov 27 high.
EUR/NZD 4H Chart: Channel Down
Comment: The Euro is being sold off across the board, and EUR/NZD is no exception. In addition to the pair following the lead of two falling parallel lines, the four-hour and weekly technical indicators are pointing south. During the next few days, however, the single currency may outperform Kiwi, being that the exchange rate is currently fluctuating right at the lower edge of the pattern, which is reinforced by the monthly S1. This rally should be limited by the weekly S1 and the upper trend-line at 1.6090. Meanwhile, after eventually eroding 1.5870, EUR/NZD will probably move towards 1.5660, where the monthly S2 level merges with the Jun 9 low.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Ethereum could remain inside key range as Consensys sues SEC over ETH security status
Ethereum appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the US SEC and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.