ICmarkets

EURAUD range opportunity

FX:EURAUD   歐元 / 澳幣
EURAUD             is now in a nice range with 1.5771 as our major resistance level with it being our horizontal swing high resistance and also a key fibonacci extension level. Our other limit of our range is the support at 1.5606 which is our horizontal swing low support, and 38.2% Fibonacci retracement . Our next major support is 1.5473 which is our horizontal overlap support and key 61.8% Fibonacci retracement .

RSI (34) is nicely rising and each time price touches the ascending support line it bounces up quite nicely. So this tells us that we have a slight bullish bias but as long as we remain below major resistance at 1.5771, we have to maintain our neutral view and look for ranging opportunities.
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