28 Oct 2013
Flash: EUR/AUD, bullish outside week targets 1.4445 - TDS
FXstreet.com (Barcelona) - The formation of a bullish outside weekly candle sets the stage for a retest of 1.4445, according to FX Strategists at TDS.
Key Quotes
"If the 1.4450/00 area continues to hold (and note that the trend over the past few weeks remains lower), the bear scenario (test of 1.39) still has a chance to play out."
"If, on the other hand, the EUR gains a foothold back above 1.45, a recovery to the 1.50 area would likely follow. We still think the bigger picture technical situation for EUR/AUD is negative after the peak and turn lower from 1.50 earlier this year."
Key Quotes
"If the 1.4450/00 area continues to hold (and note that the trend over the past few weeks remains lower), the bear scenario (test of 1.39) still has a chance to play out."
"If, on the other hand, the EUR gains a foothold back above 1.45, a recovery to the 1.50 area would likely follow. We still think the bigger picture technical situation for EUR/AUD is negative after the peak and turn lower from 1.50 earlier this year."