EUR/AUD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/AUD currency pair has entered a rising wedge pattern on the 22 of May. After a rather sharp sell-off, the Euro managed to regain the bullish momentum, but only to find resistance at the pattern upper border at the end of the month. Since then the pair experienced significant volatility, bouncing back from both pattern borders. Right now the exchange rate is approaching the lower border, which should cause a rebound, as it is also bolstered by the daily S1 and weekly PP. At week's end the single currency is likely to reach the 1.45 level near the weekly R1 if it manages to stay within the pattern today. The sentiment is quite bearish, with 68% of all positions being short.
© Dukascopy Bank SA
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