EUR/AUD 1W Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Outlook on EUR/AUD is strongly bearish. The currency pair has just broken through a support trendline that has been keeping bullish momentum intact since mid-2012. Moreover, the downside risks are further increased by a descending triangle that has been forming for the last 12 months, although the lower bound of the pattern at 1.4550 is still intact. Demand there is also reinforced by the 200-week SMA, meaning scenario implied by the daily and weekly technical indicators might take some time to be realised. However, once 1.4550 is broken, the next target will be the 2015 lows around 1.3750, followed by the 2013 minimum at 1.22.
© Dukascopy Bank SA
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