EUR/AUD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Several days after a test of the tough support at 1.38 and a subsequent strong rally, the rate of Euro's appreciation moderated, which allowed EUR/AUD to form a gently sloping channel between two reliable trend-lines.
Being that the currency pair right now is at the lower boundary of the channel, the outlook is positive both in the short and long terms. The bulls are expected to push the common currency away from 1.44 up to 1.47, where, apart from the trend-line, it is supposed to meet the weekly R1 and Oct 16 high. However, the technical indicators are mixed at the moment on all relevant time-frames.
© Dukascopy Bank SA
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