Send me real-time posts from this site at my email
Fan Yang

EUR/AUD in a Sharp Slide; Anticipating Support

The Australian Dollar (AUD) gained against most majors last week. The EUR/AUD thus fell sharply. Let's take a look at the chart and anticipate where this bearish attempt will find support.

EUR/AUD Weekly Chart

(click to enlarge)

Correction from Previous Bull Swing:

- The EUR/AUD had a strong bullish run from a low of 1.3723 to a high of 1.5226. 
- But since this high, price has been in consolidation, with a bit of bearish tilt.
- In fact, after last week's bearish swing, it looks like the bearish correction will extend lower.
- With the consideration that the 2017 bull run is part of a bullish trend, the current bearish outlook would be limited. 
- Instead of anticipating price to return to the 2017 and 2015 lows around 1.37, we should anticipate support around:
1) 1.4465
2) 1.4280-1.43
3) 1.4135-1.4150
- A hold above these targets would maintain a bullish outlook.
- A break below 1.40 would likely be part of an attempt to break below 1.37. 
- In the bullish scenario, where price at least holds above 1.4135, a viable bullish target would be the 1.50 handle. This is a psychological level, but not quite the 2017 high around 1.52. 

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue