EUR/AUD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD continues to trade between two falling trend-lines we spotted last week. The pair has just bumped into the upper line, which is strengthened by the daily and weekly R1s, meaning the near-term bias is strongly to the downside. The immediate support is at 1.5678, but the bearish momentum is not expected to peter out before we get down to the lower trend-line. Alternatively, in case supply at 1.58 turns out insufficient to limit gains, as suggested by the hour and four-hour technical studies, this will imply a test of the 1.6150/00 zone (Oct 2 high and weekly R2). Meanwhile, the sentiment in the SWFX market is neutral, since 51% of open positions are long and 49% are short.
© Dukascopy Bank SA
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