EUR/AUD 4H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is falling against the Australian Dollar, as the currency exchange rate most recently encountered the support of historical low levels of the pair and rebounded in the borders of a falling broadening wedge pattern. Moreover, by looking on the chart through various timeframes two distinct descending triangle patterns can be seen. Due to that it is most likely, that in the upcoming trading sessions a breakout will occur, as the wedge will become obsolete and a new trend will form. Although, the situation needs to be closely monitored before a trader can assume a position, because the breakout can occur in either direction. However, in accordance with pattern theory the pair will go lower.
© Dukascopy Bank SA
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