Featured Trade: EUR/AUD potential push up within range

EUR/AUD on sight for a further potential push up within range.

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


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.

Charts are from eSignal

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.