EUR/AUD 4H Chart: Channel Down

EUR/AUD remains glued to the pattern's upper edge for a third consecutive week. Inability to bounce off in the direction of 1.49 (monthly PP and weekly S2) is highly likely to encourage the bulls for purchases of the Euro. Another support for them should be provided by the 100-period SMA, which is quickly heading to the north for the moment. Moreover, unless the 200-period SMA (1.4965) is penetrated, we are going to preserve the bullish outlook on EUR/AUD. At the moment the positive case is also assumed by daily technical indicators, while 59% of SWFX market traders are now holding long open positions. Any rally beyond 1.5234 (monthly R2) should reopen the long-term bullish goal, namely Sep high at 1.6258.