EUR/AUD 4H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although at first it looked as if EUR/AUD was going to rise sharply as a result of the double bottom formation (Jan 24 - Feb 12), in the end the currency pair proved to be unable to breach the neck-line at 1.53. This resistance consists of the highs and lows seen the last three months, weekly R1 level and the 200-period SMA, making appearance of a rally highly unlikely. Moreover, most of the four-hour and daily technical indicators are bearish at the moment, suggesting that the price is expected to decline, possibly down to the support at 1.50, where the recent lows merge with the weekly S1 level. Meanwhile, the sentiment of the SWFX market towards EUR/AUD is perfectly neutral.
© Dukascopy Bank SA
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