09.04.201506:16 Forex Analysis & Reviews: Technical analysis and trading recommendation for EUR/YEN & EUR/AUD for April 09, 2015

Long-term review

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EUR/JPY

The trading pattern of this cross exactly mirror image to EUR/USD.

The pair edged lower and broke support 129.70 20Dsma closed below that. The pair edged lower after testing the 131.29; time frames look negative for the pair, with a possible distribution pattern forming on the H4 charts, with tops around 131.60. The support stands at 129.25. The pair is going to target at 128.40 in case the price falls below 129.25. In case the price closes below 128.40, we can conclude that the near term was capped. The intra-week trading pattern is framed between 128.40 and 131.60. Intraday resistance is seen at 129.95 and 130.35. Support is seen at 129.40 and 129.25. The price has been consolidating at 129.40 for 14 hours. We recommend selling below 129.40 with targets at 129.25, 129.00, and 128.50. Safe traders can sell below 129.25.

Trade: Intraday trade favors to sellers.

EUR/AUD

The pair extended its losses yesterday. The pair edged lower after testing he level at 1.4450. Time frames look negative for the pair with a possible double top pattern forming on the daily chart and tops at 1.4450. At yesterday's session, we recommended selling below 1.4130 with targets at 1.4075 and 1.4045. The cross made low at 1.4016 waiting for lower targets. The near term was capped with a possible double top in the hourly and daily time intervals. Intraday minor support is found at 1.4016 rounded to 1.4000 61.8 Fibonacci level. We recommend fresh intraday selling below 1.4000 with targets at 1.3970, 1.3945, 1.3880, 1.3850, and 1.3825. Today, the cross rejected at 20Dsma trading lower at early Asian session. The risk reward ration favors to selling. Use every rise to sell, weekly resistance seems a 1.4255. Intraday resistance is seen at 1.4100 and 1.4135.

Trade: Selling below 1.4000

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