EUR/AUD 4H Chart: Decline likely to continue - Trade Pattern Ideas - Dukascopy Bank
Mon, 01 Jul 2019 06:10:03 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Buy
Buy
RSI(14)
Buy
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Buy
Neutral
Alligator(13;8;5)
Sell
Neutral
Buy
SAR(0.02;0.2)
Sell
Sell
Buy
Aggregate
⇘
⇒
⇗
The single European currency has depreciated about 1.72% in value against the Australian Dollar since June 17. A breakout occurred through the lower boundary of an ascending channel pattern at 1.6266 on Friday.
Given that a breakout had occurred, it is likely that the EUR/AUD currency pair will continue to lose strength during the following trading sessions. Bears could drag the exchange rate towards a swing low at 1.6043.
A potential upside reversal from the swing low as mentioned above could follow in the short term.
Meanwhile, technical indicators flash buy signals on the weekly time-frame chart.
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