This rising channel line is in play since mid-March. Next week I expect small correction of EUR rally first, i.e. to 1.125 (EURUSD), so you can short EURAUD if the price doesn't break out the channel immediately. It can fall to 1.53 or 1.52 depending on AUD behaviour. Be careful - this is a fast-mover, and AUD has room to 0.717 to fall.