EUR/AUD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a dip into yearly lows, EUR/AUD sketched a channel up pattern which casts little doubt that the uptrend will continue for now. The pair is, however, currently repeatedly approaching the bottom trend-line at 1.4509 and any stickiness at the boundary could lead to a bearish breakout. Otherwise, we see a bounce form the area and a continuation inside of the channel pattern which would lead to tests of the upper line around 1.4688. The pair has also just entered the cloud resistance which is strengthening the boundary area, but a surge inside the pattern would be distracted by 1.4539, 1.4562 and 1.4619.
© Dukascopy Bank SA
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