EUR/AUD: trade ideas
By Felipe Erazo
At the H4 chart, the EURAUD is finding support in the bullish trend line there near the 1.4440 level. If the pair manages to make a rebound at this level, it would be expected to make a 50.0 Fibo retracement to the level (1.4623). For the EURAUD continue to rise, this pair would have to make a breakout on the resistance level of 1.4623 to have a clear road to the level of 1.4681, which is above the 400 EMA (Golden line).
On the other hand, if the EURAUD manages to make a breakout at the 1.4440 level, it’s expected to fall to the support level of 1.4378, which coincides with the 0.0 Fibo level. The CCI indicator is below the -100 level.
Trading recommendations: Place buy orders if the EURAUD does a breakout at the resistance level of 1.4565, with take profit at 1.4623. Also, place sell orders if this pair does a breakout at the support level of 1.4440, with take profit at 1.4378.