The movement of the EUR/AUD currency pair has been guided by a junior ascending channel. The exchange rate made a U-turn from the lower boundary of the junior pattern on June 6 and has since strengthened.
By Thursday’s morning, the pair encountered a resistance level at 1.5724 which is the weekly pivot point.
In regards to future trading, the currency exchange rate is expected to make a brief retracement south towards the 200– hour simple moving average within the following trading sessions. If the 200-hour SMA support holds, the rate could dash through the aforementioned resistance level during the following days.
