The bearish movement has guided the EUR/AUD currency pair since April 25, thus sending the pair to depreciate from 1.61 to 1.57 just in few weeks. The rate has since reversed from the lower boundary of a medium-scale ascending channel.
The common European currency has breached the weekly resistance level at 1.58 at the time of this analysis. However, it seems that the 55– hour simple moving average might restrict the exchange rate from surpassing that level.
Everything being equal, it is likely that the currency exchange rate continues to maintain the aforementioned medium-scale ascending pattern until the upper boundary is breach.
