EUR/AUD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD is currently trading in what appears to be a descending channel, and this implies further depreciation of the Euro against the Aussie. This might be true in the near term, considering the 'sell' signals given by the hourly and four-hour technical indicators, but we are inclined to believe that the pair is not going to be able to push through the dense demand area on the way to 1.44, being that it consists of the support up-trend that has been in place since the third quarter of 2012 and is strengthened by the weekly S1, March low and the lower boundary of the channel. Accordingly, we expect a rebound from 1.4444/27 with a subsequent breach of the upper edge of the trend-line.
© Dukascopy Bank SA
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