empty
 
 
23.01.2015 05:52 PM
EUR/AUD intraday technical levels and trading recommendations for January 23, 2015
This image is no longer relevant
This image is no longer relevant

The depicted charts of the EUR/AUD pair illustrates a prominent downtrend on both the daily and weekly charts.

The WEEKLY chart shows a long-term Head and Shoulders reversal pattern being established with neckline roughly located around 1.4050.

The daily chart shows:

- The recently broken SUPPORT level at 1.4230 where the previous multiple prominent bottoms were established back in November 2014. Today, this may constitute an intraday resistance.

- The recent RESISTANCE level around 1.4400 where a newly established congestion zone was breached last week.

On the other hand, a bearish FLAG pattern is being established above 1.4050 (H&S pattern's neckline). Confirmation requires DAILY closure below 1.4050-1.4000.

Estimated projection target would be located around 1.3820.

On the other hand, daily persistence above 1.4240 pauses the current bearish momentum giving more time for corrective movement towards 1.4400 for retesting.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback