XM Group - Analytics

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    Technical Analysis – EURAUD falls to four-month low, bearish outlook remains

    EURAUD touched a four-month low 1.4697 on Monday and is now consolidating around this level and below resistance of 1.4784. This barrier to the upside is where the 200-day moving average converges with a key Fibonacci retracement level. This 61.8% Fibonacci is of the 1.3672 – 1.6582 rise (April to August rise).

    The bias is bearish and there is scope to fall further. The next target is the 76.4% Fibonacci at 1.4293. The tenkan-sen and kijun-sen lines are negative aligned, highlighting the negative outlook. Also the market is below the daily Ichimoku cloud and the RSI is in bearish territory below 50.

    Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.


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