| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Sell |
| RSI(14) | Neutral | Sell | Neutral |
| Stochastic(5;3;3) | Sell | Neutral | Neutral |
| Alligator(13;8;5) | Buy | Buy | Sell |
| SAR(0.02;0.2) | Buy | Buy | Buy |
| Aggregate | ⇗ | ⇗ | ⇒ |
The common European currency surged by 0.84% against the Australian Dollar last week. The currency pair tested the upper boundary of an ascending channel pattern at 1.5816 during the Asian session on May 31.
Currently, the exchange rate is trading near the upper line of the channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the resistance level at the 1.6000 area could be expected this week.
However, if the ascending channel holds, bearish traders are likely to pressure the EUR/AUD currency exchange rate lower during the following trading sessions.