5 Sep 2013
Flash: EUR/AUD risking deeper setback to 1.3959 - JPMorgan
FXstreet.com (Barcelona) - EUR/AUD is exposed to further downside in the days/weeks ahead, FX Strategists at JP Morgan believe.
Key Quotes
"Given the structure of the whole up-trend from the 1.1606 bottom we see a high risk that the market has either completed an internal 3rd wave impulse and maybe even a 4th wave on higher scale."
"That said the latest setback has good chances of at least extending to 1.3959 (int. 38.2 %), with a decisive break below the putting the odds in favor of calling for a 5th wave decline on bigger scale to 1.1519 (Fib.-projection)."
"The final evidence that a top is in place and that a deeper setback is on its way would however only be delivered via a break below daily trend line support cutting in at 1.4398 today."
Key Quotes
"Given the structure of the whole up-trend from the 1.1606 bottom we see a high risk that the market has either completed an internal 3rd wave impulse and maybe even a 4th wave on higher scale."
"That said the latest setback has good chances of at least extending to 1.3959 (int. 38.2 %), with a decisive break below the putting the odds in favor of calling for a 5th wave decline on bigger scale to 1.1519 (Fib.-projection)."
"The final evidence that a top is in place and that a deeper setback is on its way would however only be delivered via a break below daily trend line support cutting in at 1.4398 today."