EUR/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on EUR/AUD is bearish. The currency pair is trading within the descending channel, and the Euro is still overbought (71% of open positions are long) despite two months of the sell-off. The near-term gains are to be limited by the falling resistance line and weekly S1 at 1.46, while the target is a cluster of the lower trend-line, Jun 28 low and monthly S1. If this support is broken, the next objective will be at 1.3950/15, represented by the May low and monthly S2. On the other hand, a close above 1.46 will imply continuation of the rally to 1.4760/20, where the Euro will meet the weekly PP and Nov 27 high.
© Dukascopy Bank SA
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