EUR/AUD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/AUD peaked at a five-year high of 1.5832 late January. However, the pair failed to consolidate at this high; shortly after a retreat started and EUR/AUD embarked on formation of the double bottom pattern, the bottom of which lies at a three-month low of 1.4981.
Having jumped above the 200 and 50-hour SMAs, the pair was expected to penetrate the neck-line at 1.5321; however, it refrained from a further advance and has been lingering slightly above the 200-hour SMA at 1.5175 for more than 30 hours. In the hours to come, the pair is unlikely to follow a distinct trend, with technical indicators sending mixed signals.
© Dukascopy Bank SA
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