EUR/AUD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair's up-trend formed at the end of July; however, at the moment EUR/AUD is confirming the bullish channel with a correction. The Europe's shared currency has just come off 1.4480 and is looking forward to touch the pattern's support around the major level at 1.43. The majority of 4H technical studies are also to the downside, suggesting that we might see a decline in the short term.  Moreover, the pair's sentiment is strongly bearish, with 65% of the SWFX market participants expecting the Euro to fall against the Aussie. Taken all into account, the pair is likely to touch the up-trend support level around 1.43.

 

© Dukascopy Bank SA
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