Dukascopy Bank Team
Dukascopy Bank SA
EUR/AUD 1H Chart: Channel Up
Comment: EUR/AUD has formed an ascending channel after confirming the major support trend-line (connects Dec 2015 and Jan 2016 lows) at the very end of the previous month. Accordingly, our outlook on the Euro is bullish, especially considering the technical indicators in the hourly and four-hour charts. The currency pair is expected to rebound either from the weekly R1 or even more likely from the lower boundary of the emerging channel at 1.5890, thus starting a new bullish wave. Meanwhile, the immediate resistance level at 1.6150 is formidable, consisting of the weekly R2 and Feb 9 high. Nevertheless, soon there is likely to be a retest of the last year’s September high at 1.6250.
EUR/TRY 4H Chart: Channel Up
Comment: EUR/TRY is in a strong up-trend. Apart from solid support areas at 3.2550/3.2450 and at 3.22, the overall positive bias is ensured by the long-term trend-line at 3.12 lire that has been topical throughout the whole 2015. However, right now the price is headed towards the upper edge of the channel, meaning the near-term upside potential is limited by 3.3650/3.3550, where we also have the weekly R3 and January high. From there the Euro will probably target the 200-period SMA and the monthly pivot point. On the other hand, if the bulls manage to push the price outside the pattern, the new target will be 3.48, namely the last year’s maximum.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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