EUR/AUD 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/AUD cross is now poised for more weakness, as that is the direction, where the rising wedge usually breaks out. Moreover, market sentiment is bolstering this possibility, as 54% of all open positions are short. However, the 55-hour SMA has been reinforcing the wedge's lower border since it first emerged, making it difficult for a breakout to occur just yet. In case this support area is pierced, the exchange rate should continue falling towards the March 30 low of 1.4716; on the other hand, if bulls push the pair higher, the target will be the pattern's resistance line, unless the April's high of 1.5160 manages to reverse the rally earlier. According to technical indicators, the EUR is to continue rising against the Aussie in the medium term.
© Dukascopy Bank SA
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