EUR/AUD 4H Chart: Expects breakout

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)SellSellNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuySell
SAR(0.02;0.2)BuyBuySell
Aggregate⇗⇗⇘

[ANNOUNCE]The common European currency has appreciated about 1.62% in value against the Australian Dollar. The currency pair breached a resistance cluster formed by the combination of the weekly and the monthly PPs at 1.6029 during the morning hours of Monday's trading session.[/ANNOUNCE]

Given that the exchange rate is trading near the upper band of a descending channel pattern at 1.6041, a breakout could be expected within this session.

If this breakout occurs, the EUR/AUD currency pair will continue its bullish sentiment during this week's trading sessions.

However, if the descending channel holds, a decline towards the 50-hour simple moving average could follow.

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