EUR/AUD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD managed to stabilise at and eventually start a recovery from 1.38 after a precipitous decline between the 7th and the 10th of April. The upward momentum is now challenged by the supply area near 1.40, which is reinforced by the weekly pivot point. If this resistance is overcome, 1.41 will become the next target. There the upper boundary of the channel merges with the daily R2 and the 200-hour SMA. At the same time, violation of 1.3957 will invalidate the near-term bullish outlook. In this case the Euro will be expected to aim for 1.3884 before the Apr 10 low at 1.3786. However, the SWFX traders' sentiment is currently bearish: 62% of open positions are short.
© Dukascopy Bank SA
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Wed, 15 Apr 2015 06:36:05 GMT

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