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.
Recommended Content
Editors’ Picks
AUD/USD drops further to 0.6250 amid mounting trade war fears
AUD/USD extends losses to test 0.6250 amid mounting trade war fears, fueled by US President Trump's tariff plans. Furthermore, RBA rate cut bets, China's economic woes and a modest US Dollar strength amid risk aversion drag the Aussie away from over a one-month peak.
USD/JPY regains 155.50 as Trump's tariff plans boost US Dollar
USD/JPY builds on the overnight bounce from a six-week low and regains 155.50 in Tuesday's Asian trading.Softer Japanese service-sector inflation data provided extra legs to the pair's recovery. Moreover, US President Donald Trump's tariff plans-led USD strength underpins USD/JPY.
Gold down but not yet out as Trump and Fed grab attention
Gold price licks its wounds following the sharp pullback from three-month highs just shy of the all-time peak of $2,790. Gold trades take account of the latest tariff talks by US President Donald Trump and his administration as attention turns toward mid-tier US economic data and Federal Reserve policy announcements.
Ripple's regulatory approvals from New York and Texas fail to boost XRP price
XRP briefly slipped below $3.00 on Monday following Ripple's announcement that it has obtained Money Transmitter Licenses in New York and Texas, permitting customers in the region to enjoy its services.
What is DeepSeek, and why is it important?
Several Chinese companies pivoted into making their various AI model offerings open source last week, sending shockwaves through the tech sector. Chinese tech startups look set to disrupt the AI space, which has, until recently, been almost singularly dominated by high-priced US tech giants and soaring valuations.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.