EURAUD rejected just shy of 200-DMA, breaks below 100-DMA, short Short

Euro Fx/Australian DollarFXCM

Description

⋅ Jan 3, 2017 7:29 AM

EUR/AUD was rejected just shy of 200-DMA at 1.4748 on Friday's trade.

The pair has broken below 100-DMA at 1.4516, raises scope for downside.

We see scope for test of trendline at 1.41 levels.

Stochs have rolled over from overbought levels adding to downside confirmation.

RSI is biased lower and is currently at 55 levels. Dip below 50 will build on bearish momentum.

Good to short on rallies around 1.45, SL: 1.4570, TP: 1.1.4460/ 1.44/ 1.4380/ 1.43

Comment

⋅ Jan 5, 2017 4:05 AM

EUR/AUD struggles to close below 20-DMA.

Bounces off from lows of 1.4324.

Book partial profits at lows.

Bias lower, bearish invalidation above 1.4475