Patterns: EUR/AUD, EUR/CAD

Dukascopy Bank Team Dukascopy Bank SA

EUR/AUD 4H Chart: Moving towards target at 1.5966

During the past two weeks, the Eurozone single currency has depreciated about 2.32% in value against the Australian Dollar. The currency pair breached the lower boundary of an ascending channel pattern at 1.6478 during last week's trading sessions.

Given that a breakout had occurred, it is likely that the exchange rate will continue to edge lower this week. The potential downside target will be near a swing low at 1.5966.

However, the EUR/AUD currency exchange rate could make an upside reversal from a support cluster at 1.6240 within the following trading sessions.

EUR/CAD 4H Chart: Testing 200-hour SMA

The common European currency has edged lower about 1.67% in value against the Canadian Dollar since August 7. The exchange rate is currently testing a support level formed by the 200– hour simple moving average at 1.4723.

If the support level holds, a surge towards a swing high at 1.4995 could be expected within this week's trading sessions.

However, if the currency pair passes the 200– hour SMA, bearish traders could drive the currency exchange rate towards a support level, formed by the weekly S2 at 1.4583 in the nearest future.

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Dukascopy Bank Team

Dukascopy Bank SA

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

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