Hello, fellows, for our today’s article I have decided to share some insight not on a major pair but the heavy volatile EUR/AUD cross. The pair provides strong trading opportunity and probably one of the best defined big-time frame ranges around the FX.
From a technical point of view, the price is locked between the resistance at 1.5870 and the support at 1.3680. Moreover, there are strong patterns confirming that the bears are winning the fight and after hitting the upper range boundary a possible target in the next months will be the lower one.
Around the 1.5800/5900 levels, we spot very rapid depreciation of the single currency showed in a bearish price action monthly candle. Since the beginning of March, only for three days, we spot solid downfall confirming the downtrend. The price may find some support nearby the 1.4300 level but overall the target is 1.3670/13700 and with a stop loss above 1.5800 this opportunity provides 1 to 1.5 odds backed up with a solid technical signal on a big-time frame.