- EUR/AUD
- EUR/CAD
EUR/AUD – Euro bulls continued their advance against the Australian dollar positions as the cross remains supported by the upward sloping channel. As the price action pushes the EURAUD above the 1.6365, a 38.2 Fib of the 1.7712-1.5532 AUD rally, the next move by the euro longs will most likely see the Australian dollar bulls scatter for higher ground and try to mount defense around the 1.6622, a level comprised of the 50.0 Fib of the 1.7712-1.5532 AUD rally, which is further reinforced by the channel’s upper boundary. Indicators signal trending conditions with ADX above 25 at 28.09, while both MACD and momentum indicator remain above the zero line, adding to positive momentum bias. Oscillators signal overbought conditions with Stochastic at 89.1 and RSI approaching 67.35.
Key Levels, Technical Indicators & Carry Trade
EUR/CAD – Euro longs maintained their momentum after the cross bounced of the 1.4521, a level marked by the 2005 low the cross tested earlier this week. As the cross continued to head higher, a break above the Loonie defenses around the 1.4936, a level marked by the 23.6 Fib of the 1.6279-1.4521 CAD rally, will most likely see the euro longs make their way toward the 1.5137, an August 5 daily spike high. Indicators signal range trading conditions with both oscillators remaining in a neutral territory, while momentum indicator remains above the zero line and MACD sloping upward toward the zero line.
Key Levels, Technical Indicators & Carry Trade
Sam Shenker is a Technical Currency Analyst for FXCM.