EUR/AUD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD reached a multiple month high at 1.4707 on 16th of October. However, the pair's bulls failed to push it higher, thus a decline followed. After a retreat below the 100 and 200-period SMAs the pair found a support and formed a descending triangle pattern.
Currently, the Europe's shared currency is heading towards the pattern's support at 1.4368 and also nearing the triangle's apex. For the time being there is more bearish signals than bullish. The hourly technical indicators are pointing to the south; however, the 4H and daily ones are neutral. Moreover, the SWFX traders' sentiment is rather strongly bearish, with 66.46% of them having opened short positions.
© Dukascopy Bank SA
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