Admiral Markets - Analytics

    Admiral Markets

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    EUR/AUD determined to proceed lower

    The EUR/AUD has broken through important trend line below 1.5180 and it seems it is targeting 1.4930-00 zone as the first target. A huge uptrend that started from 1.4434 lows ended up with 1.5647 and as commodities got stronger AUD got stronger too. The pair is showing a potential for further shorts towards 1.4800 zone should 1.4895 gets broken. Any pullback towards 1.5130 looks good for new shorts and even on shorter time frames shorting is looking good too. Buyers may appear within the 1.4934-00 zone but because the trend move was strong (to the upside) we might see even a bigger retracement. If we see a move below 1.4800 then the bigger retracement will target 1.4695 zone where we might see stronger buying.

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