EUR/AUD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair's bulls have managed to push the pair into a rising wedge pattern, as the buying pressure has accelerated during the latest weeks.
The pattern trading range is relatively narrow; therefore, we would not expect it to be long living. For most of the time the pair is hovering around the lower boundary of the pattern or even below it and by doing that it is showing its bearish intentions. At the same time the 4H and daily technical studies are bullish. We expect a sell-off to start if the pair drops below the monthly R1 and 100-period SMA at 1.4824/23. The SWFX traders' are bearish in 65.72% of all cases, meaning that they are expecting a bearish outcome.
© Dukascopy Bank SA
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