EUR/AUD 4H Chart: Two Scenarios Likely

The single European currency has continued to edge higher in an ascending channel pattern against the Australian Dollar. The currency pair tested the 1.9765 mark during last week's trading sessions.

The exchange rate is currently trading near the bottom border of an ascending channel pattern at 1.8055 and could be set for a breakout.

If the breakout occurs, a decline towards the 1.6500 area could be expected within this week's trading sessions.

However, if the ascending channel pattern holds, the EUR/AUD currency exchange rate will most likely continue its upward movement during the following trading sessions.



EUR/CAD 4H Chart: Breakout Could Occur

Upside risks have continued to dominate the common European currency against the Canada Dollar since the beginning of March. The currency pair was guided by the 100– hour simple moving average.

Given that the exchange rate is currently trading near the lower boundary of an ascending channel pattern, a breakout might occur within the following trading sessions.

However, if the ascending channel pattern holds, the EUR/CAD currency exchange rate will most likely continue its bullish momentum within this week's trading sessions.



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.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis

Latest Forex Analysis

Editors’ Picks

AUD/USD: Bulls keep the reins with eyes on 0.7000 ahead of China CPI/PPI

AUD/USD portrays a fourth attempt to pierce the key 0.7000 threshold. Broad US dollar weakness, upbeat equities and commodities helped Aussie to ignore pandemic fears. China inflation data, Australian housing market figures and US Jobless Claims to decorate the calendar.


Gold: Will it be a smooth journey to the all time high?

The daily chart shows an acceleration away from the top of the flag pattern. The price has now broken out of the blue resistance line which was the previous consolidation high back in 2011 after the price dropped from the all-time high.

Gold News

USD/JPY: There is a big Fib confluence target on the downside at 106.90

USD/JPY has been dropping steadily throughout the session and broke the previous wave low of 107.24. This makes a new lower low lower high formation on the hourly chart after the previous wave low was a resolute support zone.


Look East for market direction

When the stock market of the world’s second largest economy jumps more than 450 points, or 8%, in a week, it is time to sit up and take notice. The Shanghai Composite index, which acts as the benchmark for Chinese stocks, is now at 2018 levels.

Read more

WTI on the move to fresh session highs, testing $41 the figure

We are now over 1% higher on the day despite the crude oil inventories in the United States swelling by 5.7 million barrels in the week to July 3, information that was provided by the Energy Information Administration. 

Oil News

Forex Majors