EUR/AUD Intraday Update
A minor recovery could get under way after hitting the substantial support at ~1.5625. However, dynamics have become quite unfriendly over the past days, so the setting of a new lower peak in the 1.5750-area is expected. Such a new lower peak should trigger a serious test of the mentioned support zone, and indeed, significantly increase the chance of a break below. 1.5455<>1.5430 then becomes the main focal point.
An aggressive short-entry on the bounce towards (max) 1.5750 is justifiable. Note that the longer term outlook is rather fuzzy and does not really contradict a near-term short.
Intraday trend: neutral/negative
Outlook: lower peak and breakout likely
Strategy: aggressive short-entry on bounce
Support: 1.5625 / 1.5455 / 1.5430
Resistance: 1.5750 /
Outlook cancelled/neutralized below 15.10
EURAUD
An aggressive short-entry on the bounce towards (max) 1.5750 is justifiable. Note that the longer term outlook is rather fuzzy and does not really contradict a near-term short.
Intraday trend: neutral/negative
Outlook: lower peak and breakout likely
Strategy: aggressive short-entry on bounce
Support: 1.5625 / 1.5455 / 1.5430
Resistance: 1.5750 /
Outlook cancelled/neutralized below 15.10
EURAUDNote
Now that the new top has been set, sellers should make the push very soon. Do not allow for a second bounce anymore. SL to max 1.5740
Trade closed: stop reached
Too much recovery - close and avoid.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.