XM Group - Analytics

    XM Group

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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.

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