, 01-03-2013 at 04:50 PM (813 Views)
Today I want to share with you eur/aud support and resistance levels. The pair is in a clear range and a few days ago after failing to break the top of the range it is now headed to the bottom of it. It is important to trade in the direction of a trend or swing, so one should be looking how to short Euro against Australian dollar. Wait for rallies before you start shorting.
Let us define resistance levels:
They are: 1.2810, 1.2670, 1.2586, 1.2536
Let us look at support levels now:
They are: 1.2440, 1.2385, 1.2280, 1.2150.
As always even numbers often serve as exit areas for big boys. Have this in mind too.
For more: eur/aud
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.