EUR/AUD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD has been in an up-trend since the beginning of April, recovering from a low of 1.22. However, about 360 hours ago the Euro started to lose its pace of appreciation. This resulted in the currency pair fluctuating within two rising trend-lines, though converging.
Right now EUR/AUD is in the proximity of the lower pattern's boundary, meaning that in the near term the outlook is bullish. The same is implied by the technical indicators. On the other hand, the formation itself suggests the pair is about to change direction—an event widely expected among the market participants, 74% of whom are already holding short positions.

© Dukascopy Bank SA
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