Euro-Australian

The Australian euro pair retreated today in light of the scarcity of economic data at the end of the week.

The pair is still trading inside an ascending price channel on the four-hour frame, rebounding near the upper limit at the resistance levels of 1.7625.

As the pair is currently forming a negative divergence on the MACD indicator, the pair may push for further pullbacks towards the lower boundary of this ascending price channel.

If the channel levels and support levels of 1.7510 are broken, it is possible that the pair will continue to pull back to target the levels of 1.7420 and then the levels of 1.7300.

This scenario fails in the event of a return inside the ascending price channel.