EUR/AUD 4 Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After completing a four-month head-and-shoulders pattern (from December 2013 to March 2014), EUR/AUD remains in a down-trend and forms a bearish channel. Consequently, we expect the currency pair to leave the upper trend-line of the pattern at 1.4530 and start moving in the direction of the lower trend-line at 1.41. However, the Euro will have to pierce through a number of significant supports in order to reach this level, including the clusters at 1.45 (weekly PP and 200-period SMA) and at 1.4370 (weekly S2 and Jun 12 low). But the traders at the moment seem to be undecided—45% of them are holding long and 55% are holding short positions.
© Dukascopy Bank SA
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