Technical analysis of EUR/AUD for September 28, 2016
September 28, 2016 12:49 pm
EUR/AUD making new lows thus showing the presence of a trend down. Pair broke below the ascending channel after which a corrective wave up followed. During the correction EUR/AUD rejected both, the lower channel trend line and the 200 Moving Average and then moved lower once again.
Pair broke below the 38.2% support level applied to the channel breakout point and currently trading at the previously formed support level – 1.4640. Consider selling near that level, targeting either 23.6% (1.4495) or 0% Fibs (1.4310) as a final downside target. The stop loss should be placed just above the 50% Fibs (1.4703).
Support: 1.4610, 1.4495, 1.4310
Resistance: 1.4703, 1.4796
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
EUR/AUD making new lows thus showing the presence of a trend
down. Pair broke below the ascending channel after which a corrective wave up
followed. During the correction EUR/AUD rejected both, the lower channel
trend line and the 200 Moving Average and then moved lower once again.
Pair broke below the 38.2% support level applied to the
channel breakout point and currently trading at the previously formed support
level – 1.4640. Consider selling near that level, targeting either 23.6%
(1.4495) or 0% Fibs (1.4310) as a final downside target. The stop loss should
be placed just above the 50% Fibs (1.4703).
Support: 1.4610, 1.4495, 1.4310
Resistance: 1.4703, 1.4796
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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