empty
 
 
28.01.2015 05:14 PM
EUR/AUD intraday technical levels and trading recommendations for January 28, 2015
This image is no longer relevant
This image is no longer relevant

The depicted DAILY chart of the EUR/AUD pair reflects a steep medium-term downtrend initiated on December 17.

The WEEKLY chart shows a long-term Head and Shoulders reversal pattern with neckline roughly located around 1.4050. Approximate long-term projection target would be located around 1.2850.

Note the broken SUPPORT level at 1.4250 where the previous multiple prominent bottoms were established back in November 2014. It is now acting as ab Intraday resistance. It applied multiple bearish rejections during the last weeks.

On the other hand, a bearish FLAG pattern is being established above 1.4050 (Head &Shoulders pattern's neckline). Early confirmation requires DAILY closure below 1.4200-1.4220. Estimated projection target would be located around 1.4090 and 1.4000.

On the other hand, the daily persistence above 1.4250 pauses the current bearish momentum giving more time for a corrective movement towards 1.4400 to take place.

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 $9000 more!
    In May we raffle $9000 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