Monday, July 17, 2017

EUR/AUD Is Aiming For The Support at 1.4450

EUR/AUD is in the support zone around 1.4650, but in my opinion the pair will break out below that support and the pair will continue falling toward the next strong support zone around 1.4450, which could hold off the move to the downside for a longer period of time.

Still, we should not forget that there is an unrecovered gap of about 180 pips (from 21st – 23rd April 2017) and it is very possible for the pair to recover it during the next drop.

If that happens we could expect the drop to continue for a test of the support around 1.3750 – 1.3800.

In the alternate scenario the pair won’t succeed in breaking below 1.4450 and it will renew its upward trend to 1.5500 - 1.5550.