EUR/AUD 4H Chart: Meets support cluster at 1.6185 - Trade Pattern Ideas - Dukascopy Bank
Thu, 27 Sep 2018 06:15:32 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Buy
Buy
Buy
RSI (14)
Neutral
Neutral
Neutral
Stochastic (5; 3)
Neutral
Neutral
Neutral
Alligator (13; 8; 5)
Neutral
Buy
Buy
SAR (0.02; 0.2)
Sell
Sell
Buy
Aggregate
⇒
⇒
⇗
The single European currency has been appreciating against the Australian Dollar since mid-August. The rate reversed from the lower boundary of an ascending channel at 1.5598 on August 17.
The exchange rate made a U-turn south from a resistance level at 1.6338 on September 11, and currently trading near the bottom border of a one-month ascending channel. From a theoretical point of view, a breakout could be expected within this session.
However, technical indicators suggest that this decline might not be immediate. The currency exchange rate could reverse from a support line at 1.6185 and aim for a re-tests of the monthly R1 at 1.6338 during the following trading sessions.
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