EUR/AUD 4H Chart: Breakout occurs

Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)SellNeutralBuy
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuySellSell
Aggregate

A breakout occurred through the upper boundary of a four-week descending channel pattern at 1.5774. The 50– and 100-hour SMAs are currently providing support for the currency pair at 1.5756.

Given that a breakout had occurred, most likely, the single European currency will aim for a resistance level formed by the 200-hour simple moving average at 1.5863 during the following trading sessions.

Although, the weekly pivot point at 1.5817 could provide resistance for the currency exchange rate in the short-term.

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