Dukascopy Bank Team
Dukascopy Bank SA
EUR/AUD 4H Chart: Decline likely to continue
The common European currency has been declining in narrow descending channel pattern against the Australian Dollar since the middle of June. The currency pair has declined by 1.51% during the past two weeks.
All things being equal, the EUR/AUD exchange rate could continue to trade in the narrow descending channel pattern within this week's trading sessions. Bears could target the weekly S2 at 1.6122.
However, technical indicators suggest that the currency exchange rate will most likely edge higher in the shorter term.
EUR/CAD 4H: Buying signals
The Eurozone single currency has surged by 2.29% against the Canadian Dollar since the beginning of June. The currency pair breached the 50-, 100– and 200– period SMAs during this period.
Technical indicators demonstrate buying signals on both the smaller and the larger time-frame charts. Therefore, the EUR/CAD exchange rate could continue to surge within this week's trading sessions.
However, a resistance cluster formed by the weekly R1 and the monthly R1 at 1.5446 could provide resistance for the currency exchange rate during the following 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.
Recommended Content
Editors’ Picks
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 inflation forecast, disappointing the Japanese Yen buyers.
AUD/USD consolidates gains above 0.6500 after Australian PPI data
AUD/USD is consolidating gains above 0.6500 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price keeps its range around $2,330, awaits US PCE data
Gold price is consolidating Thursday's rebound early Friday. Gold price jumped after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could lower borrowing costs. Focus shifts to US PCE inflation on Friday.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.