AUD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The ascending channel has a correctional nature, being that AUD/CAD has been bearish since January, and it is currently well below the levels seen at the start of the year. Also, the sentiment in the SWFX market is slightly bullish (55% of positions are long), meaning we are unlikely to see a recovery towards the six-month down-trend. The channel should therefore be broken before the rate reaches 0.9850. Meanwhile, the near-term outlook is negative, as the price has just bumped into the upper boundary of the channel, which implies a sell-off from 0.96 down to 0.9440, although we should note that there is a notable support area at 0.9488/71, created by the monthly pivot point and 200-period SMA.
© Dukascopy Bank SA
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Mon, 20 Jun 2016 07:56:09 GMT

USD/TRY 1D Chart: Channel Down

There are still only few confirmations, but USD/TRY is trading within a descending channel after the currency pair peaked out near 3.08 last year. The US Dollar has recently bounced off of the upper bound of the pattern, and we therefore expect the currency to depreciate throughout June and July. The rate should then meet the support trend-line at 2.79,

Mon, 20 Jun 2016 07:34:04 GMT

NZD/CAD 4H Chart: Channel Up

The bullish channel the pair is currently trading within is the result of NZD/CAD stabilising after the sell-off from 0.95 that started at the very beginning of the year. As it stands now, the New Zealand Dollar is likely to appreciate to 0.9450, where the rate should meet the two-year falling resistance line and begin a new major bearish wave.

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