EUR/AUD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
An encounter with the resistance at 1.53 in mid-December did not bode well for the bullish momentum of EUR/AUD—since then the Euro has already lost nearly 4.8%. Assuming the currency pair has also formed a bearish channel during the second part of December, the sell-off is likely to persist. This scenario is also confirmed by the four-hour and daily indicators, though not all of them are pointing south. Meanwhile, the decline may not be immediate—we might see an extension of the current rally up to 1.48 before another downswing to the falling support line. On a related note, most of the SWFX traders are bearish—58% of open positions are short.
© Dukascopy Bank SA
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