Cabana Capitals Blog forex trading EUR/AUD: Bears are driving the car & heading to south side.

EUR/AUD: Bears are driving the car & heading to south side.

EUR/AUD: Bears are driving the car & heading to south side. post thumbnail image

Overview: EUR/AUD traded south yesterday, falling below the 1.5700 key support level, 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 market showing the potential opportunities towards its sell-side in the market. We can see the short-term selling side in the market.  The bears are showing their forces towards the downward side of the market. The negative side has been created the bearish signals on the market.


Technical Analysis: From the technical point of view, we can say that a downtrend line is lying on the chart and the bears are getting supply pressure from that level. The odds are in favour of the bears. The RSI is also below the 50 levels with sell signals and MACD also travelling below the zero levels as creating the sell signals. On the 4 hourly charts, we can see bearish marabuzo in the market which makes 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 the seller should go for sell-side. The support of the market is 1.5600 followed by 1.5519 and resistance is 1.5800 followed by 1.5900.

Trade Idea: The traders are advised to go for sell  1.5680-90 and target will be 1.5600-1.5500 and stop loss will be 1.5800.


Disclaimer: This is to be considered a marketing communication only, this does not contain, and should not be construed as containing, investment advice or an investment recommendation or investment research or, a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. Past performance is not a guarantee of or prediction of future performance. Cabana Capitals does not take into account your personal investment objectives or financial situation. Cabana Capitals makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by an employee of Cabana Capitals, a third party or otherwise. Consequently, any person acting on it does so entirely at their own risk. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of Cabana Capitals. This communication must not be reproduced or further distributed without prior permission.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post