EUR/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro/Aussie currency pair has been forming the present channel down pattern starting from the third week of December. Since then, the pair has covered 377 candles and lost about 1000 pips. Moreover, as the pair has just approached the upper boundary of the figure, there is a high probability of even steeper decline in the near-term. Pattern's resistance is strengthened by the monthly R1 at 1.4460, while the closest monthly support is located as far as 1.4095. This fact is only increasing the probability of a negative development of the single European currency. In addition, weekly technical indicators are currently bearish, while SWFX market is completely undecided.
© Dukascopy Bank SA
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