Dukascopy Bank Team
Dukascopy Bank SA
EUR/AUD 4H Chart: Stranded between SMAs
The Eurozone single currency depreciated about 1.13% in value against the Australian Dollar during last week's trading session. The currency pair tested the lower boundary of an ascending channel pattern at 1.5895 during Friday's session.
The exchange rate was stranded between moving averages during the morning hours of Monday's trading session. The 50– and 100-hour SMAs was providing resistance for the pair, while the 200-hour simple moving average was providing support.
Given that the currency exchange rate has bounced off its bottom border of the channel pattern, bullish traders could push the pair towards 1.6078 in the short-term.
EUR/CAD 4H Chart: Long-term targets at 1.5326
The common European currency has appreciated about 1.19% in value against the Canadian Dollar since last week's trading sessions. The 50-hour simple moving average provided support for the pair during Friday's trading session.
Everything being equal, it is likely that the exchange rate will target a resistance cluster formed by the combination of the weekly and the monthly pivot points at 1.5251 during the following trading sessions.
On the other hand, the currency exchange rate could reverse from the current price level at 1.5171 and aim for the lower band of an ascending channel pattern at 1.5071 in the shorter term.
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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