EUR/AUD: Clean Trend Meets Big Support
The deviation between EUR/USD and AUD/USD has been quite clear over the past month. While EUR/USD had struggled at resistance of 1.1200, AUD/USD had continued flying up to fresh yearly highs. And given stances from each respective central bank, that divergence made sense.
This also showed clearly in the cross pair of EUR/AUD which set a fresh yearly low this morning as a trendline came into play just above the 1.6000 psychological level.
At this point the question is whether a bounce can show from profit taking following a consistent sell-off. If so, there's lower-high resistance potential at 1.6115 and 1.6169. If not, and if we do get the 1.6000 print before either of those come into play, we may be looking at oversold conditions on the daily which can similarly be tracked for bounces into lower-highs. - js
This also showed clearly in the cross pair of EUR/AUD which set a fresh yearly low this morning as a trendline came into play just above the 1.6000 psychological level.
At this point the question is whether a bounce can show from profit taking following a consistent sell-off. If so, there's lower-high resistance potential at 1.6115 and 1.6169. If not, and if we do get the 1.6000 print before either of those come into play, we may be looking at oversold conditions on the daily which can similarly be tracked for bounces into lower-highs. - js
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