EUR/AUD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After peaking at 1.503 on August 28, a level that was the highest since May 2009, the pair has began its depreciation and formed a double bottom pattern. Usually, this pattern is characterised by a strong bottom line, which is in our case located around 1.42. The fact that each new low was lower than the previous one is bolstering a view of a possible downside breakout. Moreover, double bottoms are usually formed after a period of long depreciation when the pair moves sideways for some time. The idea of a downside movement is supported by daily technical indicators, however, technicals on 4H and weekly charts are pointing into opposite direction.
© Dukascopy Bank SA
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