EUR/AUD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the Aussie trades against other currencies in a triangle pattern on a larger scale, the EUR/AUD exchange rate is an interesting and quite unclear case. A few weeks ago the rate seemed to have broken out of the descending triangle pattern. However, the rate rebounded on October 26 due to fundamental data, as the US election shook the markets, and the Euro began to surge against all other currencies. Due to that, the currency exchange rate formed a new ascending channel, which lead the pair back into the borders of the triangle. However, it seems that the rate will fall soon, as the 200-period SMA is closing in from the upside. Moreover, the rate is close to being considered overbought, as 70% of open positions are long.
© Dukascopy Bank SA
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