Euro-Area Currencies Active In Asian Trading Session

• 16 Nov 2017

EUR/CAD

The EUR/CAD pair appears to be returning from a high in yesterday’s trading session with clear selling pressure denoted by the upper shadow. Momentum indicators support the idea of a bearish reversal with MACD flattening below the 70 overbought line and MACD moving sharply towards the zero line. Volume is rising which suggests increasing interest in the pair. If a reversal does take place the nearest price target will be the 1.499 price level.

Impact event: Eurozone Consumer Price Index data will be released at 12:00 GMT+2 and will impact Euro pairs.

EUR/GBP

The Euro has taken the same direction against the Pound, returning from previous highs to form a ‘shooting star’ candlestick with significant selling pressure, suggesting a potential bearish reversal. Momentum indicators are somewhat mixed with RSI residing in neutral territory and MACD remaining in mildly negative territory. The next price target for the pair will be the 0.892 price level.

AUD/CHF

After a strong sell-off for the Australian Dollar, the AUD/CHF pair appears to be recovering from a recent market bottom. A bullish candle after three consecutive breaks of lower Bollinger band could be the start of a revival for the AUD. RSI confirms the trend change with a bounce back from the 30 support line. A break above the lower Bollinger band and an upward trajectory on MACD would provide weight to the uptrend.

CHF/JPY

After rejecting the 114.69 price level, the CHF/JPY pair is beginning another upward climb, this time testing the 20- period EMA. Rising volume indicates plenty of interest in the pair which may rise to test the 114.69 price level once again. MACD appears to be turning more positive and is approaching the zero line. A break of the zero line on MACD coupled with a break of the 20-period EMA would give more significance to the uptrend.