EUR/AUD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although formally the EUR/AUD currency pair is forming a symmetrical triangle, we suppose that the lower trend-line is largely flat, in order to see this pattern as a descending triangle. The outlook is therefore biased to the downside. We expect the Euro to fail at both 55 and 100-hour simple moving averages, which is offering supply above the red trend-line. When the lower edge and daily S1 (1.4714) are penetrated, EUR/AUD will be projected to drop about 375 pips with heavy bearish pressure in place. This is implied by wideness of the current pattern. Thus, the long-term target is located beyond 1.4350, but at first the pair must erode an obstacle in face of the weekly S1 at 1.4443.
© Dukascopy Bank SA
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