EUR/AUD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been bullish since the end of the April, and there are good reasons for the currency to appreciate more. From below EUR/AUD is well-supported by the lower boundary of the ascending channel, while the target is the pattern's upper boundary. Accordingly, while the downside is limited by 1.5380, the pair is expected to rise up to 1.5780 in the nearest future. However, the longer-term perspective is bearish, considering that the pair is closing in on the resistance trend-line that connects highs since the second half of 2008. EUR/AUD should therefore stay beneath 1.5860. A prolonged recovery from the current levels is also countered by the SWFX sentiment—two thirds of open positions are long.
© Dukascopy Bank SA
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