11.10.201610:00 Forex Analysis & Reviews: Technical analysis of EUR/AUD for October 11, 2016

Long-term review

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After breaking the ascending channel, EUR/AUD has been consolidating between 1.4750 and 1.4550 areas. While consolidating, the pair rejected the 200-Moving Average suggesting that bears is still driving this pair.

Consider selling EUR/AUD while it is traging near 61.8% Fibs (1.4730) applied to the channel breakout point, targeting either 38.2% (1.4505) or 23.6% Fibs (1.4365) support levels. Stop loss should be well above the 200-Moving Average, that is above 1.4800 phsycological resistance level.

Support: 1.4618, 1.4505, 1.4365,1.4140

Resistance: 1.4730

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