EUR/AUD 1H Chart: Channel Down

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Source: Dukascopy Band SA
© Dukascopy Band SA
Even though it looked like EUR/AUD was trading inside the bounds of a solid senior channel up pattern yesterday, the pair has now sketched a channel down around the latest wave south and appears to be unlikely to still give in to the senior channel lines. Following the bounce from the upper boundary, we will look for tests of 1.4171, the bottom Bollinger Band, 200-hour SMA and the senior channel trend-line cluster and the stickiness of the area suggests that the rate will step underneath. After that, 1.4154 will come into play and ultimately 1.4131, the junior channel bottom trend-line will come into play.
© Dukascopy Band SA
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