EUR/AUD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The currency pair is confidently approaching the lower boundary of the pattern. To reach this point, the single currency has to breach only the 55-hour SMA at 1.4587, while the boundary is located 35 pips lower. It, in turn, is reinforced by daily S1 support line and 100-hour SMA; therefore, the pair is not expected to cross this level with ease. Short-term technical indicators send bearish signals, meaning that the EUR/AUD pair will be able to reach the trend-line. However, after that it is predicted to surge, as 4H studies are giving strong bullish signals at the moment. On the other hand, SWFX traders are sceptical about pair's perspectives, as 69% of all opened positions are short.
© Dukascopy Bank SA
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