EUR/AUD 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A lack of wide swings between July and November helped the single currency to accumulate strength against the Australian Dollar. In mid-November, the pair embarked on a sharp appreciation that sent it to a three-year high. Furthermore, the advance led to a formation of the double top pattern in early December; EUR/AUD has recently started a retreat from the second peak of the pattern, meaning that even the 50-bar SMA that is acting as a strong support may fail to prevent the bearish correction that is likely to be in place in the foreseeable future.
© Dukascopy Bank SA
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