USD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD is currently trading in a well-defined ascending channel, which implies a bullish outlook. However, there are plenty of reasons to doubt the ability of the US Dollar to appreciate in the longer term. For one, the Greenback is heavily overbought—71% of open positions are long. At the same time, a half of the weekly technical indicators is pointing south. Finally, there is a massive resistance area circa 1.33, consisting of the upper bound of the pattern, 38.2% Fibonacci retracement of the January - May down-move and the 200-day SMA. Accordingly, a bearish rejection here may well extend through the key supports 1.30 and 1.2950, and the pair will thus break out of the pattern.
© Dukascopy Bank SA
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Tue, 02 Aug 2016 10:39:19 GMT

EUR/NZD 1H Chart: Channel Down

The common European currency is in a channel down pattern against the New Zealand Dollar, as the currency exchange rate is closing in on the pattern's upper trend line, which at the moment is at 1.5615. However, on its way upward the currency pair is set to struggle with two resistance levels. First will be the 55-hour SMA at 1.5543,

Tue, 02 Aug 2016 06:45:03 GMT

EUR/CAD 4H Chart: Channel Up

Our Thursday's bullish scenario was realised, and EUR/CAD is now heading towards the June highs. Strong advancement beyond 1.47, however, does not appear to be likely There is a plethora of tough supply levels between 1.47 and 1.48 created by May highs. At the same time, the currency pair is losing its momentum, which is suggested by the fact that

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