By: Colin Jessup
With most of the major pairs locked in a range of sorts today, one might look elsewhere for potential trades and to gauge the markets. Today I am looking at the EUR/AUD pair as it has potential to continue its bearish run. The daily candle that closed just a short while ago is a Bearish Engulfing Candle, indicating that price will most likely continue to fall. Of course, with the mixed messages over the EU crisis as of late, this sentiment may change tomorrow. For now I see support at 1.3390, 1.3350 and 1.3275...if the bulls take back the reigns we will have resistance at 1.3500, 1.3600 and 1.3675. We have been trading in a range on this pair for some time however, between 1.3000 and 1.4000 give or take a few pips, so clear price direction will not come until we either break above or below these levels. That said, there is plenty of opportunity for profits in between!
Happy Trading
