EUR/AUD Isn’t Bullish – Bears Should Win This Time

EUR/AUD Technical Analysis

  • The market is still bearish
  • The break of 1.5440 will mark the continuation
  • Selling the rallies is possible

  1. Order block zone
  2. Breakout
  3. Order block 2
  4. Downside target
  5. Descending Trendline

The price is still in downtrend. There are signs of possible continuation after some retracement up. The price has already broken below the point 1 on the chart which is a sign of a downtrend continuation. However, the problem is a possible false breakout. At this point, the downtrend is still very visible so, selling into rallies is still the valid scenario. Target for the move down is 1.5393. If the price moves back to 1.5440, breakout lower is expected again. Only the break of the descending trend line could start a deeper retracement on intraweek scale.

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Cheers and safe trading,

Nenad

 

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.