EUR/AUD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is trading in a short term ascending channel against the Australian Dollar. However, in the meantime the currency exchange rate is in a larger scale slowly ascending channel, and recently the pair has reached and bounced off from the large scale channel's upper trend line. In accordance with the dominant channel the rate is set to decline and form a new descending pattern. Although, during this year the currency pair has found support more than once in the 1.4438 level, which has made the rate rebound. In the meantime, it is also possible that the pair will still surge, as it has not touched the resistance provided by the general down trend line, which is located above it.
© Dukascopy Bank SA
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