EUR/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While in the long-term the EUR/AUD currency pair is projected to continue depreciating, the near-term outlook tends to be rather positive for the single currency. The Euro has just bounced off the lower trend-line of the bearish pattern and is assumed to appreciate towards the northern boundary of the channel. Technical indicators on a 4H chart are broadly neutral, while two of them are set to acquire the Euro and one of them is pointing downwards. The medium and long-term bearish outlook is shared both by technical studies on daily and weekly time-frames. Moreover, almost 72% of market participants are currently staying pessimistic on the common currency versus the Aussie.
© Dukascopy Bank SA
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