EUR/AUD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the resistance at 1.46 proved to be impenetrable this November, the Euro came under strong selling pressure that resulted in formation of the bearish channel. Accordingly, the medium-term risks are to the downside, especially considering that the currency pair is currently trading near the upper edge of the pattern.
On the other hand, EUR/AUD will have to emerge victorious over the two-month low at 1.4230 in order to keep going lower. If this support is violated, the Sep low at 1.38 may become the next objective. Otherwise the price will be expected to return to the November high at 1.46.
© Dukascopy Bank SA
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