EUR/AUD: bullish within sideways 4hr channel

EUR/AUD is up in the US session from 1.4678 to highs of 1.4789 while the cross gets ahead of the game with the euro stable on a wobble in the Aussie down to key support levels vs the greenback.

We await the RBA tonight with markets on the fence with some expecting a rate cut to support a rise in inflation despite the economy being on track in respect of the RBA's GDP 3% target for the year.

EUR/AUD  levels

In the four hour chart, the price is above a cluster of supportive ma's but is below the top of the sideways channel range between 1.4660 and the 200 sma on the same 4hr time frame at 1.4808. A break to the downside would target 26th July lows of 1.4526 while a break to the upside would target 1.4900.