EUR/AUD 4H Chart: Broadening Rising Wedge

EUR/AUD is successfully escaping the vicinity of a dense area of support levels between 1.5629 and 1.5354, the weekly pivot point and the pattern's lower edge, accordingly. Since early December the exchange rate has been broadly located above the 200-period SMA, meaning market sentiment is maintaining an overall bullish bias. With 4H and weekly technical indicators sensing signals to acquire the Euro on the back of the Australian currency, we are currently closely monitoring the first resistance area at 1.5958/68. These weekly and monthly R1s are safeguarding the January high 1.6077. By violating it, the EUR/AUD cross will be in a good position to grow up to 1.6532 in the long run, namely the red trend-line.