EUR/AUD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although EUR/AUD was a subject to buying pressure during the last 89 hours, it did not manage to remain for a long time within the boundaries of the channel up pattern started on Jun 20.
A few hours earlier, the pair exited the formation and currently is vacillating under the lower trend-line. Now it is a hard time for EUR/AUD to rise and the situation is not likely to change in future given a strong bearish sentiment on the SWFX – around 70% of positions are short. Hence, we may witness a drop that may be slowed down at several levels, namely 1.4435/14 (daily S1; four-hour S1, S2), 1.4398/2 (daily S2; four-hour S2) and 1.4359 (daily S3).
© Dukascopy Bank SA
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