EUR/AUD 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro/Aussie pair formed an ascending triangle pattern on a 4H chart back in December of the previous year. Still, despite being a pattern with both quality and magnitude levels above 70%, it has been recently confirmed do the south. In addition, it means that the Euro resumed its down-trend which prevailed before the triangle was formed three months ago. If the common currency drops below the monthly PP at 1.4455, probability of a rebound back above 1.45 will decrease significantly. At the moment, bearish case is supported by 61% of SWFX market participants. On the other hand, technical studies give bullish signals on both 4H and daily time-frames.
© Dukascopy Bank SA
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