EUR/AUD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
The pair managed to bounce off its 200-bar SMA twice between June 20 and August 28. Over this period, the pair neither dropped below the lower line of the pattern of 1.4711 nor surpassed the upper-boundary of 1.5414.
At the moment, EUR/AUD is faltering near the mark of 1.4940 (daily PP), and a decline beneath this level may create a notable selling pressure on the pair. At the same time, a jump above 1.5032 (daily R1) may provoke a sharp appreciation of EUR/AUD towards the next resistance zone 1.5091 (daily R2).
© Dukascopy Bank SA
© Dukascopy Bank SA
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