EUR/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the previous month the currency pair failed to gain a foothold above 1.56 and thus missed an opportunity to test the 10-month falling resistance line at 1.58. Since then EUR/AUD is bearish, and there is a good chance that somewhere in August the rate will already be probing an up-trend that connects all the major lows of the last five years.

As for this week's prospects, however, there is likely to be a decline down to 1.5130, where the lower bound of the channel is expected trigger a bullish correction towards 1.54. This scenario is reinforced by the technical indicators. Meanwhile, we should note that the SWFX traders are currently undecided—47% of them are long and 53% are short.
© Dukascopy Bank SA
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