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EUR/AUD Falling Towards Key Support

The EUR/AUD started the week by making a high on the year at 15276. Then, it closed Tuesday with a bearish outside bar. Since then, price action has been bearish in the short-term and might extend a little lower going into next week. However, as we can see in the daily chart, we should start looking for support when price gets into the 1.4635-1.4770 area. 

EUR/AUD Daily Chart 7/30


(click to enlarge)

On the daily chart, we can see that in the noted area, price will be in a previous support/resistance area. EUR/AUD-bears woudl also be challenged by a rising trendline and the 50-day SMA. 

A break below 1.4630 would be needed to shift EUR/AUD away from the bullish mode into a neutral one. Otherwise, the 1.5276 high this week might not be the high on the year after the pair completes its next bullish attempt.