![US500: A further correction towards 5192 before resuming purchases.](/storage/article/39313/preview/qsLahEtdrOtNPM7Y_2560x600_q70.jpg)
Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...
2019-12-17 • Updated
Since the beginning of 2017, the long-term trend of EUR/AUD has been a confident rise. On the weekly chart, February 2017 marks the beginning of that trend. During most of the year 2018, the currency was trading significantly above the support of the 50-week Moving Average. After having dropped below the 50-week MA at the end of 2018, it went into consolidation and more sideways, although, still above the 50-week MA and secondary support of the 100-week MA.
Currently, there is little evidence to foresee any change to this large trend. For this reason, we are assuming that the trend will continue. Therefore, the question is: will the consolidation and the sideways movement continue, or an upswing is going to take place shortly? A mid-term perspective may help to understand that.
On the daily chart, the price has been mostly fluctuating between the 50-day and the 200-day Moving Average, having dropped twice to the support of 1.6000. Currently, it is testing the November resistance of 1.6320. If it is crossed, it may be a good sign that the price aims at the October high of 1.6400. However, we have to be careful looking at this level breakthrough. The Awesome Oscillator has decreased the fluctuation magnitude almost to zero and is seen drifting along the zero-line for the last two weeks. Preferably, we would like to see it rise with the price to have secondary confirmation for the market’s bullish intensions.
Therefore, the recommendation for this moment would be to hold positions and observe both the price and the indicator movement for more signals of the next step.
Also, following news would be a good help to see through the uncertainty of the EUR/AUD price action.
Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...
Bearish Scenario: Sell below 39600... Anticipated Bullish Scenario: Intraday buys above 39750... Bullish Scenario after Retracement: Intraday buys above 39150
Bearish scenario: Shorts below 18100 with TP1: 17900... Anticipated bullish scenario: Intraday Longs above 18130 with TP...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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