The Euro
versus the Australian Dollar keeps its bearish trend on the daily chart, but on
the last few days it has been retracing to the upside and it has reached the 55
day exponential moving average, around the 1.4759 level. From this point the
pair may try to bounce to the downside, as it has done in the recent past. If
it bounces to the downside, then the low around the 1.4400 level may act once
again as support. However, the pair may also break this EMA to the upside and
the bullish momentum may accelerate towards the 200 day exponential moving
average, around the 1.4984 level. Above the 200 day EMA, its next resistance
could be the congestion area around the 1.5294 level.
The downtrend still looks intact.
ReplyDeleteIt bounced off 1.4790.
ReplyDeleteThank you for the assessment.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteHelpful information shared!
ReplyDeleteHelpful analysis, thank you!
ReplyDeleteUseful analysis.
ReplyDeleteThanks for such an informative article.
ReplyDelete