EUR/AUD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early November the Euro has been appreciating versus the Australian Dollar, forming a channel up pattern that took the pair to more than a five-year high. A stab to this peak incited a sharp decline of the pair that slumped to the pattern's support. However, thanks to the 50-bar SMA that is sitting close to this support zone, the pair managed to avoid the breakout and now it seems to have enough strength to bounce off the pattern's limit. More than 80% of traders bet on appreciation of the pair; furthermore, technical indicators are pointing to a climb in short and medium terms.
© Dukascopy Bank SA
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Fri, 27 Dec 2013 07:13:06 GMT

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