EUR/AUD: Trade ideas for Sep. 3
The EURAUD is beginning to make a retracement to address in the support level of 1.4086, where is located the 61.8 Fibo retracement level. Currently, this pair is finding resistance at the 200 EMA (Green Line), by which the EURAUD could begin to form a bullish pattern in the H1 chart. However, this pair could be a rebound on the support level of 1.4086, up again to the resistance level of 1.4161.
On the other hand, if the EURAUD manages to make a breakout at that level, we would expect to that climb up to the resistance level of 1.4220, where is located the Fibo 100.0 extension level. The RSI indicator remains in positive territory, although remember that the RSI was overbought in past days.
Trading recommendations: Put buy orders if the EURAUD does a breakout at the resistance level of 1.4161, with take profit at 1.4220 or if this pair peforms a rebound at the support level of 1.4086 (61.8 Fibo retracement level).