Wednesday’s trading session was dominated by the bullish sentiment. After testing the combined resistance of the 55– and the 100—hour SMAs early on Thursday, the common European currency retraced briefly.
As shown on the chart, the currency pair remains relatively calm and was gradually moving north during the second part of the European trading session.
As for near future, the EUR/JPY pair might be tended northwards during the next trading session, and could likely breach the upper boundary of a dominant channel.
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The Australian Dollar continues its bullish path against the US Dollar, and the currency pair is gradually moving in an ascending channel. By the end of the European trading session, the AUD/USD pair was bouncing between SMAs. The 55– hour SMA was providing resistance at 0.7934 and the 100—hour SMA supported the rate at 0.7908. A breakout is expected from the SMAs during the next 24 hours. First, if the currency pair moves past the 55—hour SMA, it could be heading for a re-test of the upper boundary of the trend-line. Second, If it moves past the 100—hour SMA, it will find support at weekly PP at 0.7891.