EUR/AUD 4H Chart: Likely to slide down

The common European currency has appreciated about 1.81% in value against the Australian Dollar since the beginning of June. This bullish run has helped the currency pair reached a six-month high at 1.6362.

Everything being equal, it is likely that the EUR/AUD exchange rate could edge lower within this week's trading sessions. The possible target for bearish traders will be near the weekly S1 at 1.6199.

However, technical indicators flash buy signals on both the smaller and the larger time frames charts. Therefore, the currency exchange rate might continue its upside momentum during the following trading sessions.

EURAUD

 

 

EUR/CAD 4H Chart: Could edge higher

After hitting a resistance level formed by the weekly R2 at 1.5136 on June 5, the single European currency has depreciated about 1.04% in value against the Canadian Dollar.

As for the near future, it is likely that the EUR/CAD currency pair will edge higher during the following trading sessions. Bullish traders could aim for a re-test for the weekly R2 at 1.5136.

However, a resistance cluster formed by the combination of the 50-, 100– and 200-hour SMAs at 1.5057 could restrict the bulls from pushing the currency exchange rate towards the given target within this week's trading sessions.

EURCAD

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


Recommended Content

Editors’ Picks

AUD/USD: A tough barrier remains around 0.6800

AUD/USD: A tough barrier remains around 0.6800

AUD/USD failed to maintain the earlier surpass of the 0.6800 barrier, eventually succumbing to the late rebound in the Greenback following the Fed’s decision to lower its interest rates by 50 bps.

AUD/USD News
EUR/USD flattens post-Fed rate cut

EUR/USD flattens post-Fed rate cut

EUR/USD soared into a fresh high for September after the Federal Reserve surprised markets with a full 50 bps rate cut on Wednesday, pushing risk appetite into the high side and sending traders scrambling for the buy button.

EUR/USD News
Gold surrenders gains and drops to weekly lows near $2,550

Gold surrenders gains and drops to weekly lows near $2,550

Gold prices reverses the initial uptick to record highs around the $$2,600 per ounce troy, coming under renewed downside pressure and revisiting the $2,550 zone amidst the late recovery in the US Dollar.

Gold News
Australian Unemployment Rate expected to hold steady at 4.2% in August

Australian Unemployment Rate expected to hold steady at 4.2% in August

The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.

Read more
Ethereum could rally to $2,817 following Fed's 50 bps rate cut

Ethereum could rally to $2,817 following Fed's 50 bps rate cut

Ethereum (ETH) is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's (Fed) decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds (ETF) recorded $15.1 million in outflows.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Majors

Cryptocurrencies

Signatures