EUR/AUD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/AUD cross gained momentum, after reaching the lowest level in more than a year at 1.3799. Moreover, at this level the pair received a bullish impetus that helped to form a bullish channel.
Currently, the pair is trading around the major level at 1.45, while the technical indicators are mixed. To our mind a bearish break-out is the most likely scenario, as the pair is already trading around the lower boundary for more than a week. Also, the traders' sentiment is to the downside, as 66.34% of them have opened short positions on the pair. The next key targets for bears are 100-period SMA and daily S1; however, if they hold then we will have to wait a little longer for the break-out.
© Dukascopy Bank SA

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