EUR/AUD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since late January, the Euro has been unremittingly depreciating versus the Aussie and now it is trading not far away from a six-month low of 1.4515 hit a day earlier. In fact, EUR/AUD moves resemble those of EUR/GBP as the slide to the recent low pushed the pair out of the triangle pattern but it managed to come back to the 132-bar long formation shortly after the drop.
Traders are now undecided about the pair's future trend-the proportion of long to short positions is almost 1:1, according to the SWFX numbers. At the same time, technical data shows a clearer picture, pointing to a weakness in the short, medium and long terms.
© Dukascopy Bank SA
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