EUR/AUD: EUR/AUD tumbles below key support of 1.5999

General overview: EUR/AUD traded south yesterday, falling below the 1.5926 key support (now turned into resistance) barrier, which is marked by the lows of January. Overall, the pair continues to trade below the downside resistance line taken from the high of October, while yesterday’s fall has confirmed a forthcoming lower low. All this paints a negative near-term picture, in our view. The pair continues to fall further in the channel. The pair continues to travel below the support line and bears are becoming more aggressive in this session. The market shows its volatility towards its negative side in this market. The pair started its movement towards its low side in the market. The market showing the potential opportunities towards its sell-side in the market. the market showing its potential lower side in the market. we can see the short-term selling side in the market.  In practical terms, this makes it sensitive to the ebb and flow of trends in investors’ overall outlook on global economic growth. Hence the creates a downwards side movement this time and the market is fallings on its strong basis. the bears are showing their forces towards the downward side in the market. The negative side has been created bearish signals on the market.

Technical Analysis: From the technical point of view, we can say that market is falling towards its downward side in the market. the odds are in favour of the bears. We are attention towards the indicators we can see on the daily chart. The RSI is also below the 50 levels with sell signals and MACD also travelling below the zero levels as creating the sell signals. we can see on the daily chart the price pattern is falling down in the market and the pair are also hitting the lower side of the market. On the 4 hourly charts, we can see bearish strong marabuzo in the market which make the market fall towards its lower side in the market. the market is making the lower swings in the market. the minor line EMA are falling below the SMA lines in the market. So we can suggest that seller should go for sell-side, In the market so better to side on the sell-side.

The support of the market is 1.5800 followed by 1.5719 and resistance is 1.6052 followed by 1.6176.

 

Trade Idea: We can conclude that will go for sell below 1.5923 and target will be 1.5800-1.5713 and stop loss will be 1.6081.

 

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