EUR/AUD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a falling wedge emerging on the four-hour chart of EUR/AUD, and the trend-lines forming it may be extended back to the highs and lows seen in January. And while ideally we would expect a break-out to the upside in this case, there is likely to be at least one more bearish wave before the upper trend-line is going to be broken, as suggested by the daily and weekly technical indicators. The Euro should be sold off from the resistance at 1.4450 (down-trend, Aug 1 high and 200-period SMA) towards the lower falling line at 1.4150, where the currency pair will supposedly start gathering bullish momentum to challenge the boundary of the pattern it is currently trading within.
© Dukascopy Bank SA
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