EUR/AUD 1D Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A surge that was initiated in the beginning of 2013's second quarter has eventually transformed into a rising wedge. Given the nature of the pattern, this means the possibility of a reversal is currently increasing. If the up-trend support line at 1.5136 fails to trigger strong buying, EUR/AUD will be expected to stage a precipitous decline with the first target between the 200-day SMA and the monthly S2 level.
However, judging by the monthly technical indicators, there should be enough demand for the single European currency in order to prevent a significant sell-off and push the price back to the upper trend-line at 1.6152.

© Dukascopy Bank SA
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