Dukascopy Bank Team
Dukascopy Bank SA
EUR/CAD 4H chart: Fails to surpass 200-period SMA
The EUR/CAD currency pair failed to surpass the 200– period simple moving average during last week's trading sessions. As a result, the Eurozone single currency declined by 0.48% against the Canadian Dollar.
Given that the 200– period SMA is above the price level, the exchange rate is likely to continue to edge lower during this week's trading sessions. Bears could target the 1.4600 level.
However, the weekly support level at 1.4671 could provide support for the currency exchange rate this week.
EUR/AUD 4H chart: Tests 200-period SMA
The common European currency has declined by 1.08% against the Australian Dollar since June 4. The decline was stopped by the 200– period simple moving average during last week's trading sessions.
The exchange rate is likely to continue to edge lower during the following trading sessions. The potential target for bearish traders will be near the lower line of an ascending channel pattern at 1.5550.
However, the 200– period SMA at 1.5669 could still provide support for the EUR/AUD currency exchange rate this week.
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
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.