EUR/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD exited the bullish channel last week. The current outlook is therefore bearish. The pair is expected to bounce off of 1.5330 and fall down to the lower edge of the new channel at 1.4950 before undergoing a notable correction. Next week, the Euro might fall down to 1.4550, but here the price will likely bottom out because of the major up-trend that originated back in 2012. Alternatively, if the rate manages to jump over 1.5330 and then over 1.5420/07, the rally will have the potential to extend up to 1.5630/1.5590, where the weekly pivot point merges with the 200-period SMA, or even up to 1.57, the present level of the lower bound of the broken channel.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.