Possible Cup with Handle in EUR-AUD

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forex 300x142 Possible Cup with Handle in EUR AUDPossible Cup with Handle in EUR-AUD

Ever so slowly, the EUR-AUD is in the process of building a bottom pattern on its daily chart. After making an all time low at 1.2131, the price formed what appeared to be small rounded bottom, followed by a fast move to 1.2616. With more price history since, now a possible Cup with Handle formation is taking shape.

For this patter to become official, the EUR-AUD must advance above the high of 1.2616. It is not only a resistance here, but crossing this level would also complete the Cup with Handle pattern. At this point, the EUR-AUD would be officially, from a technical perspective, in an uptrend, with a target of around 1.2950 or so.

EUR AUD 03 15 Possible Cup with Handle in EUR AUD

 

Rebounding from a steep correction, the CAD-CHF returned to its prior high for the trend at 0.9400. Couple of weeks ago, the price found support at the 50% Fibonacci retracement level or 0.8934. This confirmed the bullish sentiment, in particular when combined with rising volatility, as shown by the ATR.

Now the CAD must close above the 0.94 handle, in order to continue its rise. The ADX is rising, supporting a trend gaining momentum, and the price is above all important support levels. However, breaking key levels is not always easy, so we must on careful of potential fake breakout. The CAD-CHF is likely to attempt a move soon, perhaps even today.

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