19 Sep 2013
EUR/AUD dips below 1.4232 support; revisiting 2-month lows?
FXstreet.com (Chicago) - EUR/AUD dipped below immediate support to record new session lows at 1.4225. The pair was capped around 1.4250 last night and started the journey weaker extending medium term bearish movement.
EUR/AUD Technical Levels
Price action reveals the consolidation of downward move after the upward trendline originated last April was violated two weeks ago. Succumbing to bearish pressure, the pair dipped to 1.4225 session lows to bounce off back on inconclusive reversal formation. Trading sideways, lower lows indicate the extension of the bearish channel for short-term price action which matches the rhythm of the primary and secondary trends. Although a short-lived reversal started yesterday after the pair dropped to 2-month lows, bears capped bulls’ attempt at 1.4250. Offered at 1.4225, the pair oscillates below immediate support at 1.4232 (September 16th lows) to now face 1.4160 (July 17th lows) and 1.4074 (July 10th lows). On the upside, resistances are aligned at 1.4292 (September 17th highs), 1.4344 (September 16th highs) followed by 1.4417 (September 4th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis and trades below the EMA20 and 23.6% Fibonacci level approaching 38.2% as the journey advances and the losses extent.
EUR/AUD Technical Levels
Price action reveals the consolidation of downward move after the upward trendline originated last April was violated two weeks ago. Succumbing to bearish pressure, the pair dipped to 1.4225 session lows to bounce off back on inconclusive reversal formation. Trading sideways, lower lows indicate the extension of the bearish channel for short-term price action which matches the rhythm of the primary and secondary trends. Although a short-lived reversal started yesterday after the pair dropped to 2-month lows, bears capped bulls’ attempt at 1.4250. Offered at 1.4225, the pair oscillates below immediate support at 1.4232 (September 16th lows) to now face 1.4160 (July 17th lows) and 1.4074 (July 10th lows). On the upside, resistances are aligned at 1.4292 (September 17th highs), 1.4344 (September 16th highs) followed by 1.4417 (September 4th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis and trades below the EMA20 and 23.6% Fibonacci level approaching 38.2% as the journey advances and the losses extent.