EUR/AUD 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
For almost a month now EUR/AUD has been trading within two converging trend-lines, forming a triangle—a continuation pattern. In this case it implies eventual resumption of a recovery that was initiated at the end of March, near a 1.22 level.
The near-term outlook is bullish as well, being that the price is at the up-trend support line, which is unlikely to be breached, it is supposed to send the pair up to the upped edge of the pattern at 1.44. However, SWFX traders' sentiment does not favour such a development—71% of currently open positions are short.
© Dukascopy Bank SA
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