EUR/AUD 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the first half of August of 2012 EUR/AUD bottomed out at 1.16 and since then the currency pair has been trading in an up-trend, which gradually developed into a bullish channel, being that the price has been consistently respecting two rising lines. Considering that the rate has recently bounced off the lower boundary of the pattern, it is expected to remain on a bullish path until the upper edge at 1.5964 is reached. Additional positive signs are provided by the daily and monthly technical indicators, most of which are currently giving ‘buy' signals. On the other hand, the SWFX sentiment is strongly bearish at the moment—73% of open positions are short on EUR/AUD.
© Dukascopy Bank SA
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