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Patterns: EUR/CAD, EUR/AUD

Written by By Dukascopy Bank Team | 2019-04-15 10:17:18 GMT

EUR/CAD 4H Chart: Reveals new junior channel

A junior ascending channel pattern has guided the Eurozone single currency versus the Canadian Dollar towards the upper boundary of a medium-term descending channel at 1.5099. The currency pair breached both the 100– and 200-hour SMAs during last week's trading session.

Everything being equal, it is likely that the currency exchange rate will continue to edge higher within this week's trading session. The potential targets for the pair will be near the weekly R1 at 1.5161.

Although, the upper boundary of the medium-term descending channel pattern could form as a resistance for the EUR/CAD pair in the short run.

EURCAD

 

EUR/AUD 4H Chart: Pressure by SMAs

A four-week descending channel pattern has guided the common European currency towards January 31 low level at 1.5717 against the Australian Dollar. The currency pair declined by 0.64% in value during last week's trading sessions.

As for the near future, it is likely that the EUR/AUD currency exchange rate will continue to maintain the four weeks descending channel pattern. Bearish traders could push the pair towards the bottom border of a dominant ascending channel at 1.5653.

However, a support cluster formed by the combination of the weekly and the monthly PPs at 1.5698 could provide support for the rate in the shorter term.

EURAUD

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By Dukascopy Bank Team
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