11 Oct 2013
EUR/AUD struggles to sustain 1.43 zone
FXstreet.com (Chicago) - EUR/AUD fell to 1.4287 within minutes with the Aussie’s strengthening. The pair attempts to protect the 1.43 zone unsuccessfully and struggles to consolidate a potential reversal.
Technically speaking, the pair is offered at 1.43 and may be on its way to form a reversed H&S pattern if the 1.4270 zone is violated. On longer-term timeframes, the pair reveals primary and secondary trends pointing down extending the downward trendline that started last October 3rd. On the downside, supports are aligned at 1.4271 (October 9th lows), 1.4220 (September 16th lows) followed by 1.4169 (July 17th lows) while the upside prints resistances at 1.4331 (October 4th lows), 1.4367 (October 10th highs) ahead of 1.4412 (October 8th highs).
According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.
Technically speaking, the pair is offered at 1.43 and may be on its way to form a reversed H&S pattern if the 1.4270 zone is violated. On longer-term timeframes, the pair reveals primary and secondary trends pointing down extending the downward trendline that started last October 3rd. On the downside, supports are aligned at 1.4271 (October 9th lows), 1.4220 (September 16th lows) followed by 1.4169 (July 17th lows) while the upside prints resistances at 1.4331 (October 4th lows), 1.4367 (October 10th highs) ahead of 1.4412 (October 8th highs).
According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.