The price movement of the EUR/AUD pair has been constrained by an ascending channel. The exchange rate bounced off it lower boundary on June 6 and since reached a two-month high level during the past few days.
However, the currency pair has been trading sideways along the 55– and 100-hour simple moving average since the middle of July as both bears and bulls trader were unable to force the rate to either direction.
Technical Indicators on the smaller time-frame demonstrate that bearish momentum is likely to dominate the currency exchange rate in the following trading sessions.
