11 Jul 2014
EUR/AUD: Worth building short term longs?
FXStreet (Bali) - EUR/AUD is trading a few pips below the round number 1.45 within the context of a day range established since June 12th.
The latest price action indicates that we may have found a temporary bottom just below the 1.44, an area very well located low in the curve of the charts which would surely be found interesting for some traders to try build some short term counter-trend longs.
Earlier on the week, Jim Langlands, Founder at FXCharts, noted: "If we can take out the Kijun and head to 1.4600, then above this look for a run up to 1.4700 (23.6% of 1.5831/1.4358). Eventually, it could be that we head back towards the weekly cloud top at around 1.4865, where the 100/200 DMA’s are in the process of crossing for the first time in 18 months."
The latest price action indicates that we may have found a temporary bottom just below the 1.44, an area very well located low in the curve of the charts which would surely be found interesting for some traders to try build some short term counter-trend longs.
Earlier on the week, Jim Langlands, Founder at FXCharts, noted: "If we can take out the Kijun and head to 1.4600, then above this look for a run up to 1.4700 (23.6% of 1.5831/1.4358). Eventually, it could be that we head back towards the weekly cloud top at around 1.4865, where the 100/200 DMA’s are in the process of crossing for the first time in 18 months."