EUR/AUD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching 1.5829 on January 24, the single currency began its depreciation versus the Aussie, which lasts until now. On April 10 the pair refreshed this year's low, however, was not able to move any lower, hence 1.4853 can be considered as a key level for short traders. After bouncing back from the lower boundary, the pair headed towards the resistance line, and according to technical indicators on a 4H chart, this level will be touched. Any above it is unlikely, as aggregate indicators on a weekly chart are pointing at the opposite direction. Therefore, the pair can fluctuate between the recent low and pattern's resistance for some and formed a descending triangle.
© Dukascopy Bank SA
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