Dukascopy Bank Team
Dukascopy Bank SA
AUD/CAD 1H Chart: Channel Down
Comment: The Australian Dollar is trading against the Canadian Dollar in the short term descending channel slightly below the monthly S1 at 1.0016 and is trying to reach the bottom edge of the pattern. A rebound most likely is going to occur, as the narrowing fluctuations of the rate point out on formation of the falling wedge. In addition, the pair has no resistance levels on its way in the upward direction, except for the abovementioned monthly S1. However, even if the exchange rate breaks the lower trend line of the channel, most probably it will still be constrained by the weekly S1 at 0.9978 and 61.8% Fibonacci retracement level at 0.9958, which is measured by connecting the 2016 high and low levels.
EUR/HKD 1H Chart: Descending Triangle
Comment: The common European currency is trading against the Hong Kong Dollar in the descending triangle with equal lows located at the 8.7047 level. The formation of this figure serves as a confirmation of the end of an uptrend, which lasted for the last two weeks. There is a possibility that a breakout in the downward direction will occur during this trading day, as the rate is facing resistance put by the monthly R2 at the 8.7138 level. However, if the pair manages to bypass this barrier, it will face no further resistance right until the upper trend line of the pattern, which is supported by the weekly PP at 8.7282.
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
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.