EUR/AUD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been performing very well against the Aussie since late October, as during this period the pair soared more than 1700 pips. The most likely scenario is a move towards pattern's support or a 200-period SMA first, as market sentiment is strongly bearish (70%), while aggregate technical indicators on a 4H chart are sending ‘sell' signals. Nevertheless, in a longer term the pair is projected to appreciate, according to technicals on a weekly chart. Therefore, it is recommended to wait for the next more towards a recent low, and then open long position on the pair, and place take profit around a recent high at 1.5679. In case of the downside breakout, the next target will be 1.5008.
© Dukascopy Bank SA
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