EUR/AUD 4H Chart: Channel Up

After the EUR/AUD cross bounced off the 55 and 100-period SMAs last week, it has experienced a substantial climb in value and reached the 1.4965 mark (weekly R1) Wednesday. Nevertheless, the Euro is estimated to advance in the foreseeable future, unless the pair unexpectedly consolidates below the monthly R1 at 1.4755. The bulls are expected to target the monthly R2 at 1.5046, which is immediately followed by the pattern's upper boundary at 1.5090. Both short and long-term technical studies support the idea of growth right now. In the meantime, the vast majority of SWFX traders (60%) is bearish towards the common currency, which increases the risk of a correction.