EUR Trading Outlook
TECHNICALS: The short-term AUD/USD downtrend remains in control and yesterday’s break below .9500 suggests that there is more downside to come. Longer-term support at .9390 is still a major obstacle for the bears and I wouldn’t be surprised to see further volatility inside of a .9400/.9750 range (see chart).
TECHNICALS: Recent lows at .9525 were breached (see chart) but the market has been unable to close below there. Nevertheless, the bears are in total control here and further losses look likely over time. Resistance levels start around .9600/10 on the day and we are back in rally-selling mode here.
TECHNICALS: The AUD/USD has finally started to retrace after the vertical fall from 1.0580 and the obvious target is the 38.2% Fibonacci at .9930 (see chart). Previously solid short-term resistance at .9700 now provides the first level of support and there are some solid hourly highs near .9840 which will attract sellers today.
TECHNICALS: The short-term downtrend is still dominant but it has entered a consolidation phase and the big levels to watch now are at .9525 and .9700 (see chart). The downtrend has started to level off but must still be respected and it comes in now just above .9650.
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