EUR/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD carries strong bullish momentum, and the technical indicators, especially on the four-hour and weekly charts, confirm the positive bias. However, we should note that the currency pair is closing in on an important level at 1.49, which proved to be of great significance back in February. Potentially this resistance may trigger a strong sell-off, which could result in a retreat back to the support trend-line at 1.4480. But as long as the latter level is intact, the long-term outlook will remain bullish, and the pattern is likely to keep evolving until we reach 1.5334, namely the peak of last year's December. Meanwhile, the SWFX traders are mostly Euro-bears, since 61% of positions are now short.
© Dukascopy Bank SA
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