GBP/AUD 4H Chart: Breakout could occur

The British Pound has declined by 1.18% against the Australian Dollar since February 2. The GBP/AUD currency pair tested the lower boundary of an ascending channel pattern at 1.7810 on February 12.

Currently, the exchange rate is trading near the lower line of the channel pattern and could be set for a breakout.

If the breakout occurs, a decline towards the 1.7600 level could be expected during the following trading sessions.

However, if the ascending channel holds, bullish traders would pressure the currency exchange rate higher within this week's trading sessions.


GBP/CAD 4H Chart: Could edge higher

The Pound Sterling has surged by 1.31% against the Canadian Dollar since February 4. The GBP/CAD currency pair breached the 1.7600 level during this week's trading sessions.

All things being equal, the exchange rate could continue to edge higher in an ascending channel pattern during the following trading sessions. The potential target for bullish traders would be near the 1.7800 level.

However, a support cluster near the 1.7540 area could provide support for the currency exchange rate in the shorter term.


USD/ILS 4H Chart: Two scenarios likely

At the middle of January, the USD/ILS exchange rate reversed north from the psychological level at 3.1200.

From the one hand, it is likely that the currency pair could gain support from the 200-period moving average near 3.2400. Thus, some upside potential could prevail in the market, and the pair could target the Fibo 50.00% at 3.4530.

From the other hand, it is likely that the exchange rate could be pushed down by the 55-period moving average near 3.2800. Thus, some downside potential could prevail in the market.


USD/MXN 4H Chart: Downside potential could prevail

Since the middle of September, the USD/MXN currency pair has been trading within a falling wedge pattern.

From a theoretical point of view, it is likely that the exchange rate could continue to decline within the predetermined pattern in the medium term. The rate could decline below 19.50 by the middle of March.

In the meantime, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the Fibonacci 61.80% retracement at 20.87.


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.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD recaptures 1.2050 amid upbeat EZ PMIs, USD decline

EUR/USD is trading above 1.2050 after upbeat Eurozone Preliminary PMIs. The US dollar remains heavily offered across the board amid a mixed market mood, in the wake of Biden's plan for a tax hike. US PMIs awaited. 


GBP/USD holds gains below 1.3900 amid upbeat UK data

GBP/USD is consolidating gains below 1.3900, as the US dollar resumes decline after Biden's tax hike plan fuelled rally fades. The UK Retail Sales and PMIs beat expectations, offering support to the pound. 


Bitcoin, Ethereum and XRP plummet, breaching critical support levels

Bitcoin price has dropped 12.7% since yesterday and shows no signs of stopping. Ethereum price follows the pioneer crypto’s lead and might retest $2,000 again. Unlike BTC or ETH, XRP price shows signs of recovery as long as it stays above a critical demand zone.

Read more

XAU/USD eases from tops, downside remains cushioned

Gold struggled to capitalize on its intraday positive move to the $1,790 region. A modest bounce in the equity markets, US bond yields exerted some pressure. The prevalent USD selling bias should help limit the downside for the commodity.

Gold News

Bionano Genomics Inc runs into technical resistance, put options may work here

BNGO shares have continued to suffer post the retail meme crowd moving on. BNGO shares bounce from lows as DeMark buy signal flashes on Monday. BNGO shares trend up to resistance at 100 day moving average.

Read more