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EUR/AUD: consolidating losses, heading for bearish weekly close

FXStreet (Moscow) - EUR/AUD is sidelined at 1.4335 level after three bearish days in a row; the current intraday range of the cross is limited by Asian high at 1.4346 and low at 1.4328.

Heading towards long-term support

On a longer term basis EUR/AUD is moving within a broad range limited by 1.4520 on the upside and 1.4275 on the downside. This horizontal channel is clearly visible on weekly chart. The cross took off from the above mentioned support line in the end of July, but couldn’t make it to the upper side of the range and reversed lower. This week is going to be deeply bearish for EUR/AUD as it has already lost more than 100 pips. No wonder as EUR has been under pressure, while AUD has made recovery attempts. Economic calendar is next to empty today, so some consolidation with position adjustment ahead of the weekend may be the order of the day. Watch out for 1.4300 support as it is too strong to be taken out at ice within good triggers. The upside is likely to be limited by 1.4360.

What price levels and patterns have to be considered?

Spot is presently trading at 1.4334, and next resistance can be seen at 1.4339 (Yesterday's Low), 1.4342 (Daily Open), 1.4349 (Daily High), 1.4350 (Hourly 20 EMA) and 1.4355 (Daily Classic PP).

Support below can be found at 1.4330 (Daily Low), 1.4325 (Daily Classic S1), 1.4325 (Weekly Classic S1), 1.4310 (Daily Classic S2) and 1.4280 (Daily Classic S3).

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