EUR/AUD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following several retests of the support line, EUR/AUD is continuing channelling upwards for more than 100 already, and the tendency is expected to persist. This idea is supported by aggregate technical indicators on 1H and 4H charts, which are pointing at the appreciation of the single currency against the Aussie. However, the majority of traders (74%) are opening short positions, expecting a penetration of the support line. Therefore, a fall to 1.48 during the next couple of hours is expected, while in a longer term the pair is most likely to head to the north.
© Dukascopy Bank SA
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