EUR/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After the recent touch of the lower boundary of the current channel the Euro did not manage to receive enough support to rise back to the upper boundary and slipped even more. The present trading level is located at 1.4243 (weekly S2), just 13 pips above the lower boundary of the channel. The pattern can be confirmed in any direction; however, relatively strong negative market sentiment of the SWFX traders (56%) is speaking in favour of the break-out to the downside. Moreover, the majority of technical indicators support market participants and the overall bearish trend of the pair, as daily and weekly studies point strongly to the downside, while four-hour ones are neutral at the moment.
© Dukascopy Bank SA
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