EUR/AUD 1H Chart: Broadening Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After finding a support near the 1.42 level, EUR/AUD started to reverse October's losses by forming a 97—bar long broadening rising wedge pattern.
The Euro has managed to recover some of October's losses; although, to our mind it does not seem likely that the common currency will continue to advance for much longer. And there are a couple of reasons for that, even though a cluster of supports (100-period SMA; weekly R1; monthly PP) is near the current trading level. The weekly technical studies are to the downside and also a majority of the SWFX market participants have opened short positions on the pair, namely 67.36% of them.
© Dukascopy Bank SA
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