EUR/AUD: Trade ideas for August 06
The EURAUD is finding support at the 200 EMA (green line), which coincides with the 38.2 Fibo level. This pair is likely to continue to fall, at least to the support level of 1.4321 (50.0 Fibo level) where we would have to wait for the EURAUD to make a bullish rebound to continue putting buy orders in this pair.
However, remember that the EURAUD had found strong resistance at the level of 1.4440, so this pair would strengthen the bearish trend and continue falling. If the EURAUD manages to make a breakout in the support level of 1.4293, it would be expected to fall to the level of 1.4253. The CCI indicator is near the 100 level.
Trading recommendations: Place buy orders if the EURAUD does a breakout at the resistance level of 1.4384, with take profit at the level of 1.4440. Put a tight stop loss, according with your risk management rules.