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Featured Trade: EUR/AUD potential push up within range
Kelvin Wong April 8, 2019 10:16 AM
Short-term technical outlook on EUR/AUD (Mon 08 Apr)
click to enlarge charts
Key elements
- The EUR/AUD cross pair has managed to stage a rebound of 170 pips from a medium-term sideways range support in place since 01 Feb 2019.
- The key short-term support rests at 1.5765 which is defined by the minor swing low area of 08 Apr and the minor ascending trendline from 02 Apr 2019 low
- Both daily and hourly RSI oscillators (momentum indicators) remains in positive configurations above their respective corresponding supports.
- The next intermediate resistances stand at 1.5900 (minor congestion area of 12/27 Mar 2019) and 1.5965 (23/25 Mar 2019 minor swing high of area & Fibonacci retracement/expansion cluster).
Key Levels (1 to 3 days)
Intermediate support: 1.5810
Pivot (key support): 1.5765
Resistances: 1.5900 & 1.5965
Next support: 1.5715
Conclusion
If the 1.5765 key short-term pivotal support holds, the EUR/AUD may see a further push up to target 1.5900 and above it sees 1.5965 next.
However, failure to hold at 1.5765 negates the short-term bullish tone for a further slide to retest the medium-term range support at 1.5715.
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