EUR/AUD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Underperformance of the Euro against the Australian Dollar has led to emergence of a bearish channel on the EUR/AUD chart. However, right now the currency pair is poised for an upward correction, being that it has just encountered the support trend-line at 1.40, reinforced by some of the January lows. Nevertheless, the rally is likely to be shallow and start having trouble as soon as it reaches out to 1.4150, where the weekly PP merges with the monthly S1. Key resistance is at 1.42, represented by the multi-week down-trend. In the meantime, the sentiment is neutral (47% of open positions are long), perhaps because the rate is getting close to the 2014 low (1.38).
© Dukascopy Bank SA
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