EUR/AUD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since mid-March, the Euro has been losing ground against the Australian Dollar and on March 20 the pair entered a gradually converging bearish corridor that sent EUR/AUD to a five-month low of 1.4653.
Currently, the pair is vacillating between the recent low and the 50-hour SMA at 1.4737. According to technical data, the pair is likely to prolong its losing streak as indicators are sending ‘sell' signals for medium and long terms. If this comes true, the pair may attain 1.4709/683 (daily PP; four-hour S1), a drop below which will push a five-month low back to the fore.
© Dukascopy Bank SA
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