Dukascopy Bank Team
Dukascopy Bank SA
AUD/CAD 4H Chart: Falling wedge pattern in sight
The AUD/CAD currency pair revealed a long-term falling wedge pattern.
From a theoretical point of view, it is likely that the currency pair could reverse south from the upper pattern line located circa 0.9470 and target the lower pattern line located circa 0.9200. If the given pattern holds, a reversal north could follow.
Meanwhile, the currency pair could gain support from the 55-, 100– and 200-period moving averages in the 0.9370/0.9435 range. Thus, a breakout north could occur, and the pair could target the psychological level at 0.9650.
AUD/CHF 4H Chart: Two scenarios likely
Since the end of October, the AUD/CHF exchange rate has been trading within an ascending channel.
From a theoretical point of view, it is likely that the currency pair could continue to increase within the predetermined channel within the following trading sessions. The pair could exceed the 0.6550 level.
In the meantime, note that the exchange rate is supported by the 55-, 100– and 200-period moving averages in the 0.6470/0.6520 range. Thus, a breakout north could occur, and the rate could try to exceed the Fibo 50.00% at 0.6695.
NZD/JPY 4H Chart: Two scenarios likely
The New Zealand Dollar has surged by 132 pips or 1.92% against the Japanese Yen since this week's trading sessions. The exchange rate tested the upper line of a descending channel pattern on Thursday.
If the channel pattern holds, bearish traders could pressure the NZD/JPY currency pair lower during next week's trading sessions. The potential target for bears would be near the 69.00 area.
However, if the currency exchange rate breaks the descending channel pattern, a surge towards the 71.00 level could be expected during the following trading sessions.
NZD/CAD 4H Chart: Bulls likely to prevail
The New Zealand Dollar has surged by 119 pips or 1.35% against the Canadian Dollar since this week's trading sessions. The currency pair breached the 50– and 200– period SMAs on November 4.
As for the near future, the exchange rate could continue to edge up in an ascending channel pattern. The potential target for NZD/CAD pair would be near the 0.8960 level.
However, a resistance cluster near the 0.8900 area could provide resistance for the currency exchange rate during the following trading sessions.
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.
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