Fan Yang
All posts from Fan Yang
Fan Yang in Fan Yang,

EUR/AUD Snaking Around; Key Levels

The EUR/AUD was bullish at the end of August, rallying to a new high on the year at 1.6594 with a spike as we can see in the 4H chart. We can also see that price has since stalled. 

EUR/AUD 4H Chart 9/15
(click to enlarge)

After a correction to 1.5526, price has been trapped in a consolidation range between 1.5742 and 1.6151 in September. 

Above 1.6151, there is a resistance pivot at 1.6283, but the 1.6590-1.66 area would be in play as well, especially since the prevailing trend before September was bullish.

Below 1.5740, the 1.5526 pivot presents the first area of support before the 1.53 level, which was a previous resistance pivot from August. Because of the prevailing uptrend, I would limit the bearish outlook to 1.53 as an aggressive target.