EUR/AUD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD has been bullish for the past four months, and the currency pair is likely to keep moving north. However, we would like to note that the downside risks are significant, and they are rapidly increasing. There is a good chance the Euro is going to finish the downward correction soon and rebound from 1.49. Further prospects however, are obscured, mainly because of several notable 2014 peaks lying overhead. The closest is the Dec high at 1.5332, followed by the Mar high at 1.5538 and finally there is the whole year high at 1.5832. If the lower trend-line is violated, the first target will be the Jul 16 low, while a solid demand area at 1.44 could be enough to prevent additional depreciation of the Euro.
© Dukascopy Bank SA
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