EUR/AUD 4H Chart: Brief retracement likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Buy Buy
 RSI(14) Neutral Neutral Neutral
 Stochastic(5;3;3) Neutral Sell Neutral
 Alligator(13;8;5) Buy Buy Neutral
 SAR(0.02;0.2) Buy Buy Buy
 Aggregate

The single European currency appreciated about 1.59% in values against the Australian Dollar during the last week. The currency pair tested the upper boundary of a junior descending channel pattern at 1.6050.

As for the near future, it is likely that the currency exchange rate makes a brief retracement towards a support cluster formed by the 50-, 100– and 200-hour SMAs at 1.5915.

If the support cluster holds, a potential upside reversal could be expected during the following trading sessions.

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