EUR/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Though EUR/AUD has been recently forming a bullish channel after bottoming out around 1.3730, in the short term the outlook for the currency pair is bearish. The price has just come into contact with the upper boundary of the pattern at 1.42, and therefore it should decline down to 1.40, breaching supports at 1.4176 (weekly R1 and 200-period SMA) and at 1.41 (monthly PP). However, if the resistance trend-line fails to stop appreciation of the Euro, 1.44 is likely to become the next destination of the pair. Meanwhile, the SWFX market participants seem unable to reach a consensus regarding the exchange rate's prospects, as 47% of positions are long and 53% are short.
© Dukascopy Bank SA
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