Nick Nasad
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EUR/AUD - Daily Downside Targets Could Now be 1.39 and 1.36

With the ECB cutting rates, the chart of the EUR/AUD, which has already been bearish over the last 2 months following a double top in July/August, now shows further downside targets.

  • The EUR/AUD pair has pushed through the horizontal support at 1.4130.
  • The next key pivots form a range between 1.3640 and 1.3860 (shown in the orange rectangle).
  • If that level does not prove to be enough, in terms of support (lets say AUD macro picture picks up and the AUD strengthens) then we may be looking at a retest of 1.36, the highs from late May.