Eur/Aud has been heading south over the last month. Friday saw another large drop down to 1.4652 before a small retrace to close the week. the Fib 61.8 retrace (April /Aug High/Low) comes in bang on the button at 1.4652.
The RSI’s, Slow Stochastics and MACD all look to be oversold… So my question is does it bounce from here or continue on its current path ?
I’d love to hear your thoughts.
Good luck and good trading.
The only thing that matters is what you think about this currency pair.
I can’t see a favorable opening for a deal right now. Therefore, I’ll wait to see which of the variants is the right one.
EURAUD LEVELS
The secondary trend of EUR/AUD is bearish on charts and price is trading below the trend line in its hourly chart. In hourly chart the price is sustaining below 200 day SMA and taking resistance of 50 day SMA indicating downtrend of the pair.
Resistance level of 1.5590 and Support level of 1.5345
If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY: EUR/AUD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.
EURAUD
The secondary trend of EUR/AUD is bearish on charts and price is trading below the trend line in its hourly chart. In hourly chart the price is sustaining below 200 day SMA and taking resistance of 50 day SMA indicating downtrend of the pair.
Resistance level of 1.4926 and Support level of 1.4842
If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY: EUR/AUD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.
EUR/AUD TODAY
The primary trend of EUR/AUD is bearish on charts and price is trading above the trend line in its hourly chart. In hourly chart the price is sustaining below 50 day SMA and is taking resistance of 200 day SMA indicating downtrend of the pair.
Resistance level of 1.4880 and Support level of 1.4710
If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY: EUR/AUD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.
EUR/AUD BEARISH
The primary trend of EUR/AUD is bearish on charts and price is trading below the trend line in its daily chart. In daily chart the price is sustaining below 200 day SMA and taking resistance of 50 day SMA downside indicating downtrend of the pair.
Resistance level of 1.4515 and Support level of 1.4350
If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY: EUR/AUD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.
EUR/AUD BULLISH
The secondary trend of EUR/AUD is bullish on charts and price is trading above the trend line in its hourly chart. In hourly chart the price is sustaining below 200 day SMA and taking support of 50 day SMA upside indicating uptrend of the pair.
Resistance level of 1.4625 and Support level of 1.4435
If it breaks its resistance level on the upside and sustains above it then we can expect it to show further bullish movement in the pair.
INDICATORS:-
RSI is sustaining in its buying zone indicating the upcoming bullish trend in the pair.
STRATEGY: EUR/AUD is looking bullish on charts for next few trading session. One can go for buy on lower level strategy for this pair for intra day to mid term positions in it.
I think that the price will pass 1.5305 level. After that, the price will go to the level of 1.4805 or further.
The pair is currently testing 1.4730. I think that if it breaks out below that level it will reach 1.4700 - 1.4680.
