EUR/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The channel emerging in the four-hour chart of EUR/AUD is still of low quality, but our attention was also drawn by the ascending triangle forming between the parallel trend-lines. Judging by the situation, there is likely to be a rally from 1.5570 up to the red trend-line, but after the test the bears should gain control of the pair and drive it back to the lower trend-line, which is currently reinforced by the 200-period SMA. At the same time, the negative bias is implied by the distribution between the long (61%) and short (39%) positions. Alternatively, if the bulls manage to push the price beyond 1.59, the Euro will be in a good position to extend the rally to 1.6250, namely the September high.
© Dukascopy Bank SA
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