Patterns: EUR/AUD EUR/CAD

Dukascopy Bank Team Dukascopy Bank SA

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.

Author

Dukascopy Bank Team

Dukascopy Bank SA

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

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.