EUR/AUD 4H Chart: Will aim for resistance cluster at 1.5905

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

A four-month descending channel pattern has guided the common European currency lower against the Australian Dollar. This decline began after the currency pair made a U-turn from the upper boundary of the medium-term descending channel at 1.6369 on January 3.

The exchange rate breached the 50-hour simple moving average at 1.5814 during the morning hours of today's trading session.

By and large, it is likely that the currency exchange rate will aim for a resistance cluster at 1.5905 within this week's trading sessions.

Although, technical indicators on both the daily and the weekly time frames suggest that the EUR/AUD pair will continue its decline in the shorter term.

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