EUR/AUD 4H Chart: Likely to maintain junior channel - Trade Pattern Ideas - Dukascopy Bank

Mon, 14 Oct 2019 05:43:03 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellBuyBuy
SAR(0.02;0.2)SellSellSell
Aggregate

The common European currency has been trading in a junior ascending channel pattern against the Australian Dollar since September 13. The currency pair retested a resistance cluster at 1.6347 during last week's trading sessions.

The exchange rate is currently trading near the bottom line of the junior ascending channel pattern at 1.6259 and could be set for a breakout.

If the breakout occurs, a decline towards a psychological support level at 1.6050 could occur within this week's trading sessions.

However, if the channel pattern holds, the currency exchange rate will most likely maintain the junior channel pattern this week.


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