EUR/AUD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is surging against the Australian Dollar in a channel upward pattern. However, the whole channel is an expected move in accordance in a descending triangle pattern on a larger scale. If the short term pattern remains valid, it will begin a breakout of the triangle to the upside. On the other hand the channel could confirm the triangle's resistance line, by doing so being no longer valid itself. The previous two scenarios would happen around the level from 1.5120 to 15150. Although, the rate still has to pass a resistance cluster from 1.5024 to 1.5029, where the weekly and monthly first resistance are located at. In the meantime, daily aggregate technical indicators support the forecast of a surge.
© Dukascopy Bank SA
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