EUR/AUD 4H Chart: Likely to slide down
The common European currency has appreciated about 1.81% in value against the Australian Dollar since the beginning of June. This bullish run has helped the currency pair reached a six-month high at 1.6362.
Everything being equal, it is likely that the EUR/AUD exchange rate could edge lower within this week's trading sessions. The possible target for bearish traders will be near the weekly S1 at 1.6199.
However, technical indicators flash buy signals on both the smaller and the larger time frames charts. Therefore, the currency exchange rate might continue its upside momentum during the following trading sessions.
EUR/CAD 4H Chart: Could edge higher
After hitting a resistance level formed by the weekly R2 at 1.5136 on June 5, the single European currency has depreciated about 1.04% in value against the Canadian Dollar.
As for the near future, it is likely that the EUR/CAD currency pair will edge higher during the following trading sessions. Bullish traders could aim for a re-test for the weekly R2 at 1.5136.
However, a resistance cluster formed by the combination of the 50-, 100– and 200-hour SMAs at 1.5057 could restrict the bulls from pushing the currency exchange rate towards the given target 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
EUR/USD clings to recovery gains near 1.0850 ahead of Fedspeak
EUR/USD trades in positive territory near 1.0850 on Friday following a four-day slide. China's stimulus optimism and a broad US Dollar correction help the pair retrace the dovish ECB decision-induced decline. All eyes remain on the Fedspeak.
GBP/USD pares UK data-led gains at around 1.3050
GBP/USD is trading at around 1.3050 in the second half of the day on Friday, supported by upbeat UK Retail Sales data and a pullback seen in the US Dollar. Later in the day, comments from Federal Reserve officials will be scrutinized by market participants.
Gold at new record peaks above $2,700 on increased prospects of global easing
Gold (XAU/USD) establishes a foothold above the $2,700 psychological level on Friday after piercing through above this level on the previous day, setting yet another fresh all-time high. Growing prospects of a globally low interest rate environment boost the yellow metal.
Crypto ETF adoption should pick up pace despite slow start, analysts say
Big institutional investors are still wary of allocating funds in Bitcoin spot ETFs, delaying adoption by traditional investors. Demand is expected to increase in the mid-term once institutions open the gates to the crypto asset class.
Canada debates whether to supersize rate cuts
A fourth consecutive Bank of Canada rate cut is expected, but the market senses it will accelerate the move towards neutral policy rates with a 50bp step change. Inflation is finally below target and unemployment is trending higher, but the economy is still growing.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.