EUR/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a noticeable short term ascending channel pattern on the EUR/AUD currency pair's hourly chart. However, that short term and small range channel is only the representation of a move in the borders of two more dominant channels. On a medium scale the rate is also in an ascending channel, which is guiding the Euro to the upper trend line of a long term descending pattern against the Australian Dollar. On its way the pair has encountered the resistance put up by the 23.60% Fibonacci retracement level at the 1.4104 mark. The Fibonacci retracement levels for this pair are measured by connecting the 2016 high and 2017 low. Due to that it is still to be seen what direction is chosen.
© Dukascopy Bank SA
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