EUR Trading Outlook
TECHNICALS: Much of technical analysis is subjective and I’m seeing AUD/USD with bullish-tinted glasses. A basing formation on the shorter-term charts suggests to me that we could move straight back to .9300 (see chart). Yesterday’s break-up level near .9030/50 should provide support on the day. There is some trend-line resistance coming in near .9150 but I think .9300 is the target on this up-move.
TECHNICALS: Initial resistance levels are strong between .8990/.9010 (see chart) and again at .9030/35. A clean break above the latter will endanger the downtrend. If these resistance levels hold then the bears will generate fresh confidence and we should see a test of longer-term support levels near .8770.
TECHNICALS: Initial resistance levels are strong between .8990/.9010 (see chart) and that should cap rallies pre-RBA. Support levels start at .8880 through .8850. Medium-term bears can feel relatively comfortable whilst prices stay below .9050 but a break back above there will threaten the down-trend momentum. Longer-term technical support levels start at .8770.
TECHNICALS: The bears are still in overall control and there is no sign of any bottom formations on the short-term charts. Immediate support/resistance levels lie at .8870 and .8990 (see chart) and I’d expect prices to stay inside of these ranges today. Longer-term bulls should try building again on dips toward longer-term support levels around .8775. Trailing stops are likely to be building now above .9050.
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