Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
EURAUD Approaches Critical Support- Longs Favored Above 1.5300

EURAUD Approaches Critical Support- Longs Favored Above 1.5300

Michael Boutros,

Talking Points


Chart Created Using FXCM Marketscope 2.0

Technical Outlook: EURAUD is testing a critical support confluence at 1.5298-1.5325. This level is defined by the 61.8% retracement of the monthly advance, the 50% retracement of the September decline, basic trendline support extending off the December low and the operative median-line extending off the monthly highs. The immediate short-bias is at risk while above this level with a breach of the embedded descending median-line formation needed to validate a near-term reversal & possible resumption of the broader uptrend.

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders” series.

EURAUD 30min

Notes:The pair is trading within the confines of a well-defined descending median-line formation with the decline rebounding off key support early in New York trade. Note that intraday RSI has continued to hold 40-support and suggests that the short-side momentum is waning. A breach above 1.5469 / the upper median-line parallel would validate a near-term reversal & shifts our bias back to the topside targeting objectives at 1.5539, 1.5612 & the weekly high at 1.5690-1.5700. More significant resistance is eyed at 1.5782-1.5800.

A break below this support barrier invalidates the recovery play with such a scenario targeting the 76.4% retracement at 1.5148 & the 200DMA at 1.5048. Keep in mind this is a wider range setup with a quarter of the daily average true range (ATR) yielding profit targets of 73-79pips per scalp. Event risk is light heading into the close of the week with the RBA interest rate decision & Eurozone unemployment, retail sales & PMI figures on tap early in the week next week. Added caution is warranted heading into these releases with the prints likely to fuel volatility in EUR & AUD crosses.

For updates on this setup and more trades throughout the week, subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

Relevant Data Releases

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at or ClickHere to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.