EUR/AUD pair moves from July last year in a downward channel. Since the end of February a very dynamic reflection from the lower edge has been taking place, which also coincides with very important long-term support. The strengthening of the euro seems to take on even greater momentum. There is little missing to the upper edge that is likely to be reached. Slowly you can start writing scenarios about a possible breaking up. Then would open space up to the maximum of the last session of 2016. On the other hand, the current two-step growth is simillar to moves from August and September. At that time, the same dynamics of growth was very rapidly stopped.
On weekly chart you can see that from key support we had already much larger rebounds. It is therefore possible that the current upward movement will continue. However, the condition is one – it must come to breaking well-respected edge of the bearish channel. That would be a signal encouraging to further growth. Will this happen? We will see it soon.