EUR/AUD 4H Chart: Possible breakout - Trade Pattern Ideas - Dukascopy Bank
Mon, 22 Oct 2018 06:31:04 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Sell
Buy
Buy
RSI (14)
Neutral
Neutral
Neutral
Stochastic (5; 3)
Neutral
Neutral
Neutral
Alligator (13; 8; 5)
Sell
Neutral
Buy
SAR (0.02; 0.2)
Buy
Sell
Buy
Aggregate
⇒
⇒
⇗
The Australian Dollar has been appreciating against the common European currency after the exchange rate made a U-turn from a resistance level at 1.6350. This decline has been bounded by a descending channel.
As apparent on the 4(H) chart, the currency pair is currently trading near the upper boundary of a two-week descending channel pattern. From a technical point of view, the pair should break the given channel and surge north towards a resistance cluster formed by the combination of the weekly and the monthly PPs at 1.6290.
However, technical indicators suggest that the expected advance might not occur immediately, as the technical sentiment remains neutral on both the smaller and the larger time frames.
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