Dukascopy Bank Team
Dukascopy Bank SA
AUD/CAD 4H Chart: Trading between SMAs
The Aussie has been appreciating against the Canadian Dollar since the beginning of October after the exchange rate reversed north from a support level formed by the monthly S1 at 0.8858. The pair is currently trading between the 50-, 100- and 200-period SMAs.
Everything being equal, some potential upside movement could prevail in the nearest future. Bulls might pressure the AUD/CAD pair towards the resistance cluster at 0.9083.
However, the currency exchange rate needs to surpass the 200– period SMA and the monthly PP at 0.9003. If the resistance cluster holds, the currency pair might make a brief retracement down during the following trading sessions.
EUR/CHF 4H Chart: Bullish trend insight
The EUR/CHF currency pair has appreciated by about 1.13% in value since the beginning of October. The exchange rate breached both the 50-, 100– and 200– hour SMAs during this period.
As for the near future, the Euro will likely continue to edge up against the Swiss Franc. A potential breakout through the upper line of a four-month descending channel could occur.
If the breakout occurs, the currency exchange rate might enter a bullish market in the longer term.
However, the pair would have to surpass the resistance cluster at 1.0995 before it enters the bullish trend.
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 alternates gains with losses near 1.0720 post-US PCE
The bullish tone in the Greenback motivates EUR/USD to maintain its daily range in the low 1.070s in the wake of firmer-than-estimated US inflation data measured by the PCE.
GBP/USD clings to gains just above 1.2500 on US PCE
GBP/USD keeps its uptrend unchanged and navigates the area beyond 1.2500 the figure amidst slight gains in the US Dollar following the release of US inflation tracked by the PCE.
Gold keeps its daily gains near $2,350 following US inflation
Gold prices maintain their constructive bias around $2,350 after US inflation data gauged by the PCE surpassed consensus in March and US yields trade with slight losses following recent peaks.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.