EUR/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD tested a solid support level 1.37 in the second half of April, and since then the exchange rate has been in a strong upward trend. Right now the Euro is undergoing a bearish correction, but the decline should come to an end around 1.4750. From there EUR/AUD is likely to launch another attack on the 2014 Dec high, but the ability of the pair to rise far above 1.5330 is in question, despite the daily and weekly technical indicators pointing upwards. There are plenty of other resistances capable of turning the trend around, such as the 2014 Mar high at 1.5540 and the overall 2014 high at 1.5833. The SWFX sentiment is currently bearish: 60% of open positions are short.
© Dukascopy Bank SA
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