EUR/AUD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 123-bar long double top pattern was formed by EUR/AUD on November 7. After hitting a high of 1.4485, the pair entered consolidation phase, and until now has been fluctuating in a 110 pips range. Meanwhile, the short-term outlook is bearish, as aggregate indicators on a 1H chart are sending "sell" signals, while 65% of opened positions are short, meaning that a retest of support line at 1.4369 can be anticipated. Nevertheless, there are two strong support level 40 and 65 pips below the support line, suggesting that even in case of a downside movement, the depreciation would be limited.
© Dukascopy Bank SA
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