EUR/AUD 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sell-off that began in the first half of April is unlikely to extend any further. Despite the fact that since the beginning of this year EUR/AUD has been trading in a down-trend, the pair has just met a 45-month up-trend, which resulted in an ascending triangle, a pattern that usually indicates growing demand. As a result, our base-case scenario is a rebound from a formidable support zone near 1.46 (daily and weekly PP, up-trend and 200-hour SMA) and beyond the resistance at 1.4613, namely the upper boundary of the pattern. Once this level is broken, the main target will be the major trend-line at 1.49, although before that the Euro will have to push through the weekly R1 and April 17 high.
© Dukascopy Bank SA
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