EUR/AUD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is in a channel down pattern against the Australian Dollar since July 5. At the moment, the currency exchange rate is moving south in the middle of the pattern's borders at 1.4567. As the pair bounced off the pattern's upper trend line around midnight between July 11 and July 12, it is set to move to the pattern's support line at 1.4470, which is also supported by the weekly S1 at 1.4478. Afterwards, if the rate rebounds from the support, it will move back up to the pattern's upper trend line. However, on its way north the currency exchange rate will have to go through the monthly S1 at 1.4629, and afterwards is located the trend line at 1.46515. In addition, aggregate technical indicators forecast a decline for the rate today.
© Dukascopy Bank SA
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