Weekly Technical Outlook: EUR/AUD; Market Forecasts for June 15th – June 19th

  • Stop loss 1.4770
  • Entry level 1.4528
  • First Target at 1.4409
  • Next targets to test at 1.4346, 1.42527

 

Weekly Technical Outlook: EUR/AUD; Market Forecasts for June 15th – June 19th
Weekly Technical Outlook: EUR/AUD; Market Forecasts for June 15th – June 19th

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Technical Analysis

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EUR/AUD’s rebound was limited to 1.4770 resistances and it remained stuck and dropped further at the end of the week’s trading. Initial bias stays bearish this week though. 

First a break of 1.4528 will revive the case on the down trend and confirm the shift in movement. Level break should decline to 1.4346 levels and will extend to 1.42527 if broken strongly with resistance currently at flip area which is holding the upside bias. The pin engulfing bar rejection and the closing of the week indicate that sellers have rejected current levels.

We’d probably see deeper decline to fib level of 38.2 to the downside bias. Though, a break of 1.4770 will dampen our bearish view and turn bias back to the upside. But outlook remains bearish for the week.

Economic

  • ECB President Draghi’s Speech
  • Trade balance
  • European court of Justice Ruling
  • ZEW survey, Consumer price index, Euro Group Meeting
  • Targeted LTRO for the Euro
  • RBA assistant governor Kent Speech
  • RBA meeting minutes
  • RBA foreign exchange transaction

Area of Interest

  • Resistance level at 1.4770 levels finding stronger rejection at end of the week.
  • Rejection with pin engulfing bar at resistance levels also the flip area.
  • Down trend line holding the resistance levels with pin engulfing bar and rejected price action further.
  • Fib level 61.8 rejected strongly and with price action signaling should see Fib 38.2.

 

For more detailed analysis from the author, please visit NoaFX.

 

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