EUR/AUD 1H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD currency pair has been highly volatile during the last two days, as first the pair almost reached pattern's resistance, then pulled back to the lower boundary, while at the moment of writing bulls were making another attempt to the penetrate the key resistance level. While aggregate technical indicators are mixed, market sentiment cannot also be a very reliable source of information, as despite the fact the Aussie fell sharply during the last two months, traders are still entering long positions. Nevertheless, a penetration of the upper trend line is expected, as 60% of pending orders in a 50-pip range are placed to buy pair, ready to provide additional support for bulls if needed.
© Dukascopy Bank SA
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