EUR/AUD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Throughout the last 300 bars EUR/AUD has been trading in close proximity to the 200-period SMA, but each time the currency pair seemed to have lost willingness to advance further, the moving average has been successful in preserving the bullish momentum by initiating rallies each time the currency pair tested it. Right now the price is once again approaching this formidable support line at 1.4638, meaning that the chance of a reversal is increasing with each new candle, though the technical studies on the four-hour and daily time-frames are mixed. Respectively, we would rather focus on the nearest resistances, such as the weekly pivot point at 1.4858.
© Dukascopy Bank SA
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