EUR/AUD 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/AUD is about to break out of the symmetrical triangle, which should lead to increased volatility in the near term. If the price jumps above the upper trend-line at 1.5650, we will expect an extension of the rally towards 1.5825, where the weekly R1 merges with the last week's high and 200-period SMA. Additional resistances are at 1.5929 (monthly PP) and at 1.6250 (monthly R1 and Sep high). Alternatively, if the value of the Euro falls below A$1.56, the sell-off is likely to go on until the rate falls down to 1.54. At the same time, a close beneath 1.5279 will imply a decline to the Aug low at 1.50. Meanwhile, there is no consensus in the market: 53% of open positions are long and 47% are short.
© Dukascopy Bank SA
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Wed, 21 Oct 2015 06:50:14 GMT

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