EUR/AUD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD found a reliable support at 1.38 that pushed the pair higher, after the Europe's shared currency plummeted at the beginning of September. In the later part of the up-trend the pair started to form a bullish channel.
At the moment, the pair is strengthening towards the upper trend-line of the pattern around 1.46 mark. Since this is a reversal pattern then the break-out is more likely to be to the down-side, thus after reaching the major level at 1.46 the pair might drop lower. The SWFX market participants also favour the bearish scenario, as 63.37% of them are short on the pair. Meanwhile, the technical studies are neutral.
© Dukascopy Bank SA

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