EUR/AUD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD has confirmed the lower boundary of the upward-sloping channel since the previous report two weeks ago. Accordingly, the outlook is positive, but the currency pair needs to close above 1.5335 (2014 Dec high) in order to confirm its bullish intentions. In this case the target will be the 2014 peak at 1.58. A breach of the trend-line at 1.49 will invalidate this scenario, and one of the first significant levels to underpin the rate will be the Aug 5 low at 1.4727. However, the decline will likely extend deeper, down to a prominent level of 1.44, which is currently reinforced by the 200-day SMA. Meanwhile, the traders doubt the ability of the Euro to outperform the Aussie. At the moment 61% of open positions are short.
© Dukascopy Bank SA
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