EUR/AUD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A retreat from a five-year high of 1.5834 was steep enough to send EUR/AUD to a three-month low of 1.4986 in less than a month. However, the pair was unwilling to extent losses after a slump to this low and initiated a recovery that took place within the boundaries of 151-bar long rising wedge.
At the moment, the pair is vacillating in 175-pips wide range and is likely to continue appreciating alongside with a gradual narrowing of the trading range given that more than two thirds of market players are bullish on the pair. Technical indicators also are sending ‘buy' signals for the short-term but are bearish for the long-term.
© Dukascopy Bank SA
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