The common European currency has been gradually appreciating against the Australian Dollar since it bounced off the lower boundary of a junior channel at 1.5306 early June.
The currency pair tested the 200-hour simple moving average on July 19 and reversed to the upside. A cluster formed by the combination of the 55– and 100-hour SMAs and the weekly pivot point at 1.5785 was providing support for the rate at the time of this analysis.
Everything being equal, it is likely that the EUR/AUD currency exchange rate continue moving in the ascending channel during the following trading sessions.
