AUD/CHF 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Statistically, descending triangles are penetrated to the downside in 64% of the time. As always, the breakout is confirmed by a spike in volatility. Mario Draghi's decision to cut rates pushed the pair lower and keeping in mind the event will have a long-term impact on the Euro, a move below the lower trend line is widely anticipated. Additionally, aggregate technical indicators are sending ‘sell' signals unanimously at three different timeframes. A move below 1.4569 will clear the way for weekly S2 at 1.4479, while the key level is still placed at November 20 low, around 1.4319.
© Dukascopy Bank SA
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Thu, 05 Jun 2014 14:35:05 GMT

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