EUR/AUD 4H Chart: Triangle

As regards the EUR/AUD cross, here we are dealing with another triangle pattern, which has not been confirmed yet. Nonetheless, similar to the previously discussed currency pair, the Euro is forecasted to tumble versus the Australian Dollar and test the 1.47 area. This is where the green trend-line is strengthened by the first weekly support. The primary bearish task includes testing of the monthly S1, weekly PP and two moving averages at 1.4842/14. Only success here would expose the pair to higher downward risks. As for the SWFX sentiment, bullish advantage is only 12 pp over the bears. Even in case of a less likely upward confirmation of the pattern, EUR/AUD should fail at the 200-period SMA.