EUR/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The ascending channel emerging in the four-hour chart is a bullish wave within a major rising wedge forming in the weekly timeframe. As a result, EUR/AUD has the potential to rise beyond 2015's high, up to 1.68. In the meantime, the short-term outlook is also bullish, being that the pair has just confirmed strong support at 1.5580/40, where the lower boundary of the channel is reinforced by the weekly S1 and 200-period SMA. The target is now the last year's maximum at 1.66, where we also have the monthly R2 and the upper trend-line of the pattern. As for the sentiment in the market, the traders seem undecided, being that 53% of open positions are long and 47% are short.
© Dukascopy Bank SA
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