Near term outlook in EUR/AUD remains bearish with 1.1855 resistance intact. Current down trend should extend to next projection level at 1.1352. Note that we're seeing bullish divergence condition in 4 hours MACD, and EUR/AUD could find some support at 1.1352 and rebound. Though, break of 1.1855 will indicate short term bottoming and bring stronger rebound.
In the bigger picture, down trend from 2.1127 (2008 high) is still in progress. Sustained break of 1.2 psychological level should now pave the way to 100% projection of 1.3808 to 1.2132 from 1.3028 at 1.1352 next. On the upside, break of 1.3028 resistance is needed to be the first signal of medium term bottoming. Otherwise, we'll stay bearish even in case of strong rebound.
The pair still showed several signals a trend reversal, MASD shows a divergence in the 4 hour time frame +2 buy signal Ichimoku (crossing the green line ching span the price chart from the bottom up, and 2. "Golden cross), if the couple will break through the day I buy a maximum of .
pair transmits signals a reversal of trend, the rate continues to work on signals purchase Ichimoku today (after yesterday's breakthrough) rate has appreciated steadily above the lower boundary of the cloud, which opened the way to the top of the cloud.
Now we need to watch the pair euraud, an interesting situation has occurred, the rate went up again to the strong horizontal resistance of 1711, and while its movement slowed down considerably, I still think it would be a retreat back to the north, with signs that purchase.
EURAUD had tested the support level at 1.1773 yesterday.
I think EURAUD will try to test that support again today. Then, if EURAUD can break that support, EURAUD may fall and touch the next support level at 1.1714
But if fail to break, this pair may rebound at 1.1773 and go up to the resistance level at 1.1840
---------- Post added at 12:31 PM ---------- Previous post was at 12:25 PM ----------
EURAUD had been rejected by the resistance level at 1.1840 yesterday.
I think EURAUD may fall to the support level at 1.1773 today
But if EURAUD can break 1.1840 resistance and the yesterday's high, EURAUD may go up to the next resistance level at 1.1900
EUR/AUD's rebound from 1.1602 short term top extended further to as high as 1.2070 last week and broke 55 days EMA as expected. Further rise cannot be ruled out yet but we'd continue to expect upside to be limited by 1.2132, which is close to 38.2% retracement of 1.3028 to 1.1602 at 1.2147, to complete the rebound. The larger downtrend is still expected to continue later and below 1.1901 minor support will flip bias back to the downside for retesting 1.1602 first. Though, decisive break of 1.2132 will pave the way to 61.8% retracement at 1.2483 instead.
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