- Aussie bulls received a fresh impetus from positive Chinese data today
- EUR/AUD has entered a correction phase after hitting highs of 1.5070 on July 10th, is currently trading at 1.4730
- This correction is expected to be in place for some time, further near term weakness towards 1.4620 (4h cloud base) looks possible
- In Europe, focus will be on the Greek parliamentary vote on legislation needed to secure the third bailout package
Recommendation: Good to buy rallies around 1.4730/40, SL: 1.4790, TP: 1.4680Resistance levels:R1: 1.4787 (day’s high)R2: 1.4879 (Jul 14 high)R3: 1.5015 (Jul 13 highs)Support levels:S1: 1.4620 (4h cloud base) S2: 1.4693 (daily Kijun-Sen)S3: 1.4661 (20 DMA)
The material has been provided by InstaForex Company – www.instaforex.com