EUR/AUD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
This bearish channel is an extension of a down-move within a head-and-shoulders pattern (Dec ‘13—Mar ‘14). A prominent feature of the corridor is that its upper trend-line connects not only the most recent highs, but also some of the major peaks, such as the ones seen on Jan 24 and on Mar 12 at 1.5833 and 1.5544, respectively.
At the moment the currency pair is moving north within the channel, but the bullish correction should be stopped at 1.4649 and then give way for a decline. Additional bearish signs are provided by the four-hour and daily technical indicators, also the sentiment in the SWFX market—58% of open positions are currently short.
© Dukascopy Bank SA
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