EUR/SGD 4H Chart: Channel Down
Comment: EUR/SGD is trading around the weekly PP at 1.6748, which is slightly below the last minor high at 1.6803. For the Channel Down pattern to remain in effect the pair has to reach the down-trend resistance line at 1.6850. If EUR/SGD fails to rebound then the pattern is going to narrow, meaning that this pattern could start taking Falling Wedge’s form. Nonetheless, the 4H technical indicators are largely bullish; therefore, we might see the pair reversing recent losses and reaching the down-trend resistance. The pair’s sentiment is bearish, with 54.18% expecting the decline to continue.
EUR/CAD 4H Chart: Channel Up
Comment: The pair recently received a bearish impetus near the up-trend resistance at 1.4736. However, at the moment the pair’s bears are trying to drag EUR/CAD below the monthly R1 at 1.4698. We expect that to happen despite the bullish 4H and daily technical studies as the longer term (weekly) technicals point downwards. The next key support level is around 1.46, which also remains a target for this Channel Up pattern. Also, the pair is hovering around the lower levels this year, thus there is a room for further gains. The market is sharing the same amount of bullish and bearish traders at the moment, indicating on uncertainty among the market participants.
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
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.