EUR/AUD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment, the outlook is bearish on EUR/AUD, being that the pair is trading within the boundaries of the descending channel. The current upward correction is about to come to an end at 1.4860, where the price is to meet the upper edge of the pattern, and give way for a sell-off. However, beyond the period of the next several days, EUR/AUD is bullish, as the rate is closing in on the 11-month support line. Accordingly, the base scenario is a strong rebound from 1.4720 at the beginning of April. Meanwhile, the SWFX market participants seem undecided with respect to performance of the European currency, being that right now 52% of open positions are long and the remaining 48% are short.
© Dukascopy Bank SA
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