Patterns: AUD/CAD, AUD/JPY

Dukascopy Bank Team Dukascopy Bank SA

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.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.