The EUR/AUD pair is currently trending downwards after breaking the ascending
channel. After a corrective wave up, the pair found a support at the 50% Fibs applied to
the channel breakout point and at the same time formed a bearish divergence on the MACD.
Today the rate dropped, breaking the 50% Fibs support and 50
Moving Average suggesting that the downtrend is likely to continue. Consider
selling EURAUD on a correction towards the 50% Fibs (1.4700), targeting either
23.6% (1.4495) or 0% Fibs (1.4310). The stop loss should be just above the
recent high – 1.4790.
Support: 1.4610, 1.4495, 1.4310
Resistance: 1.4800
The material has been provided by InstaForex Company – www.instaforex.com
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