Currency Analyst since 2010

EUR/AUD: trade idea

Dima Chernovolov

• EUR/AUD reversed from resistance zone

• Next sell target - 1.4400

EUR/AUD continues to decline – after the earlier powerful downward reversal from the resistance area lying between the following resistance levels: the resistance level 1.4900, the upper daily Bollinger Band, the 61.8% Fibonacci Correction of the previous sharp intermediate impulse (1) and the former support trendline of the daily up channel from September (acting as resistance now after it was penetrated by the aforementioned impulse (1) last month, as you can see below).

The downward reversal from this resistance zone created the daily Japanese candlestick pattern – Dark Cloud Cover (touching the upper daily Bollinger Band – which strengthens this bearish signal). EUR/AUD is likely to fall further to the next sell target at 1.4400 (high of earlier minor corrective wave 4).

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