USD/CAD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
As this year's rally failed to advance beyond the Mar 20 high at 1.1278, USD/CAD entered a negatively-sloped trend. The currency pair has already given up more than 300 pips since then and it seems to be ready to cede ground even further.
The reason for a bearish outlook is proximity to a strong resistance area around 1.0965, consisting of the falling trend-line and monthly pivot point. Moreover, there is an additional supply zone near the Apr 23 high at 1.1053, which in turn is formed by the 200-period SMA and monthly R1 level. However, the technical indicators do not support this idea, as they are largely mixed at the moment.
© Dukascopy Bank SA
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Fri, 02 May 2014 12:34:48 GMT

EUR/AUD 4H Chart: Channel Down

Late January the single European currency started depreciating relative to the Australian Dollar and subsequently formed a bearish channel. However, at the moment EUR/AUD has an upward momentum, as it has just confirmed the lower boundary of the pattern and turned around. Accordingly, the pair is expected to pierce through the nearby weekly pivot points and reach the upper trend-line

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