Dukascopy Bank Team
Dukascopy Bank SA
EUR/CAD 4H Chart: Breakout could occur
The Eurozone single currency declined by 1.28% against the Canadian Dollar during last week's trading sessions. The EUR/CAD currency pair tested 1.5550 level on December 31.
All things being equal, the exchange rate could continue to edge lower during the following trading sessions. A breakout through the lower boundary of an ascending channel pattern could occur.
However, if the channel pattern holds, bullish traders could pressure the currency exchange rate higher within this week's trading sessions.
EUR/AUD 4H Chart: Selling signals
The common European currency declined by 1.66% against the Australian Dollar during last week's trading sessions. The currency pair breached the 1.5850 level last week.
Technical indicators suggest selling signals on the 4H, daily and weekly time-frame charts. Most likely, the exchange rate could continue to edge lower during the following trading sessions.
However, the weekly support level at 1.5750 could provide support for the EUR/AUD currency exchange rate 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.
Recommended Content
Editors’ Picks
AUD/USD depreciates amid mixed Chinese data, stronger US Dollar
The AUD/USD continues to decline for the second consecutive session, trading around 0.6660. This is largely influenced by recent mixed economic data from China released on Friday. The Aussie dollar had already been under pressure after Australia's employment figures were released on Thursday, which presented a mixed picture.
EUR/USD slipped on Thursday after Greenback pares some losses
EUR/USD eased slightly on Thursday, falling back below 1.0880 as the Greenback broadly recovers losses from earlier in the week. The pair remains up for the trading week, but a late break for the US Dollar is on the cards as investors second-guess the Fed's stance on rate cuts.
Gold price loses momentum, with Fed speakers in focus
Gold price trades with a bearish bias on Friday after retreating from the nearly $2,400 barrier. The bullish move of precious metals in the previous sessions was bolstered by the softer-than-expected US inflation data in April, which triggered hope for rate cuts from the US Federal Reserve.
LINK price jumps 10% as Chainlink races toward tokenization of funds
Chainlink price has remained range-bound for a while, stuck between the $16.00 roadblock to the upside and $13.08 to the downside. However, in light of recent revelations, the token may have further upside potential.
April CPI: Worst good news ever
The monthly rise in prices based on the Consumer Price Index (CPI) came in slightly lower than projected, sending a wave of euphoria across the financial landscape. The consensus is cooling inflation puts Federal Reserve interest rate cuts back on the table.