Patterns: AUD/CAD, AUD/JPY
|AUD/JPY 4H Chart: Several channels at play
The Australian Dollar has been moving in several channel down against the Japanese Yen. The most important of which is the medium-term descending channel form on June 7 and has guided the currency pair lower.
During the past few days, the exchange rate has been trading sideways within the range of 81.73 and 80.77.
Given that the AUD/JPY currency exchange rate has breached the upper boundary of the descending channel, the nearest target for the pair could be a strong resistance level near 82.62 set by the combination of the 55-,100-,200-hour SMAs and the monthly and weekly PPs.
AUD/CAD 4H Chart: Pair expected to appreciate
The price movement of the AUD/CAD currency pair has been constrained by a medium-term ascending channel. The exchange rate re-tested the lower boundary of the channel on June 19 and followed by 100-pips gain.
By Friday's session, the currency pair was stranded between the 55-,100-hour SMAs and combination of the weekly pivot point and the 61.80% Fibonacci retracement level near the 0.9829 mark.
As for near future, it is likely that bulls could gather enough strength to dash through the resistance cluster. Meanwhile, technical indicators demonstrate that bulls are likely to grow stronger during the following trading sessions.
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