EUR/AUD 1H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp rise to a three-week high of 1.4875 late May was a starting point of a descending triangle formed by EUR/AUD.
Now the pair is locked in a narrow range, less than 20 pips wide, and is likely to reach the apex later in the day. Taking into account the SWFX numbers, we may expect the pair to exit the pattern by falling below the lower trend-line at 1.4741—65% of market participants hold short positions. Technical indicators also are pointing to a possible decline in medium and long terms.
© Dukascopy Bank SA
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