EUR/AUD 4H Chart: Triangle

We are still awaiting confirmation of the triangle, which emerged on the back of two-month EUR/AUD's developments. The base case implies a decline below 1.4766, namely the green trend-line. This is even in spite of attempts to test the upper boundary of the pattern. Any advance in value, if happens, is unlikely to become long-lasting, as the bulls will meet a formidable resistance at 1.5092, where the 200-period SMA is providing a massive help to the local March 10 peak. From the other side of the coin, the bears will have to confront a dense demand at 1.4460 (weekly S3, monthly S2, March 10 low). As for the indicators, they are biased in favour of the latter scenario, especially the daily ones.