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

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.

Charts are from eSignal



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