EUR/AUD 1H Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD put an end to the consolidation of the month-long downtrend with an exit from the symmetrical triangle, extending the weakness with a hit from the Australian CPI data tonight. The downfall could come immediately or move by the three-week trend-line, which the pair has been sticking to. SMAs will facilitate the movement, weighing the rate towards 1.4087 with more prominent risk stemming from 1.3988 and 1.3693 being the ultimate target. A short-term surge would be capped by 1.4227, the downtrend/ upper boundary of the broken triangle. We would then look for a slip towards the same support targets. With SWFX trader sentiment in almost equilibrium, it could go either way.
© Dukascopy Bank SA
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