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    Technical analysis and trading recommendation for EUR/USD & EUR/AUD for April 10, 2015

    EUR/USD

    Germany industrial production - industrial production was 0.2% up from the previous month on a price, seasonally, and working day adjusted basis according to provisional data of the Federal Statistical Office.

    Technical view:

    The pair continued its downward journey for forth consecutive day as well. The pair edged lower, broke the support at 1.0700 and closed below that. The pair edged lower after testing 1.1036. Time frames look negative for the pair, with a possible double top pattern forming on the H4 charts, with tops around 1.1055. The support stands at 1.0700, which was broken. We recommended selling below 1.0800 with targets at 1.0750 and 1.0700. The pair made a low at 1.0638. The current short uptrend was erased. We can conclude that the near term was capped. Intraday resistance is seen at 1.0715 and 1.0740. Support is found at 1.0615 rounded to 1.0600. All time interval charts favor bears. We recommend fresh intraday selling below 1.0600 with targets at 1.0580,1.0550, 1.0515, and 1.0480. Today at the Asian session, the euro was trading higher against USD. In case the pair zapped towards 1.0690, use this raise to sell between 1.0690 and 1.0715 with sl 1.0735. On a positional view, we are expecting 1.0490 and 1.0400 on the down side. Forget about buying until the price closes below 1.0860. Use every rise to sell favoring to intraday and positional.

    Trade: Forget about buying. Sell, nothing else.

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    EUR/AUD

    The cross has been drifting for three consecutive days. The pair edged lower after testing he level at 1.4450. Time frames look negative for the pair with a possible double top pattern forming on the daily chart and tops at 1.4450. The pair lost more than 4% in 3 days. Today at Asia's session again the pair continuously bleeding. We recommended selling below 1.4130 on Wednesday again selling given on Thursday at 1.4000 with targets at 1.3970, 1.3945, 1.3880, 1.3850, and 1.3825. As of now, the pair made low at 1.3832. We repeatedly advised risk rewards favors to selling. The pair has parallel support finds at 1.3735, 1.3675 and 1.3660. In case price close below 1.3660 it can extend its fall towards 1.3370 and 1.3200. More room for the down side likely in the medium term. The pair has been drifting for 4 consecutive months. The key level is seen to look at 1.3675 50Msma. This level pushed the price to higher area twice. For the intraday session we recommend another fresh selling below 1.3825 with targets at 1.3800, 1.3745, and 1.3735.

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    Uitgevoerd door, Analytische expert
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