EUR/AUD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
With the help of the trend-line that was established in the second half of June, EUR/AUD is now forming a descending channel. At the moment, the currency pair is finishing the bearish wave within the pattern, which is likely to end circa 1.48, where demand is implied by the support trend-line together with the daily S1 and the June low. The ensuing upward correction should then be capped by 1.49.

The overall upside risks, however, are already significant and are rapidly increasing, as the exchange rate is approaching the trend-line that connects the lows of the last four years. The channel surviving a test of 1.4720, which is expected to happen next week, is thus extremely unlikely.
© Dukascopy Bank SA
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