Forex Trading: EUR/AUD Trendline and Fiboncci Level in Play Again

As mentioned this morning, I’m currently flat but my interest remains piqued in the EURAUD.

Euro / Australian Dollar

Daily Bars

Forex_Trading_EURAUD_Trendline_and_Fiboncci_Level_in_Play_Again__body_euraud.png, Forex Trading: EUR/AUD Trendline and Fiboncci Level in Play Again

Prepared by Jamie Saettele, CMT

FOREXAnalysis: The EURAUD has dipped below the 61.8% retracement of the rally from 12158 and the trendline that extends off of the November and December lows. So far, the dip is confined to intraday action. An intraday break of support and daily close above is actually more desirable from a bullish standpoint. If the bull move materializes, then those that sold on the false break (at terrible prices) will propel the move higher with their covering at higher levels. Daily RSI is also at support (from a former RSI low and the 40 level).

FOREX Trading Strategy: I’ll turn bullish IF price trades through 12460. 12550 and 12650 would be near term objectives. It is possible that a major bullish base is forming. A break above the December high is needed in order to suggest a longer term bull move is underway (see below chart).

Euro / Australian Dollar

Weekly Bars

Forex_Trading_EURAUD_Trendline_and_Fiboncci_Level_in_Play_Again__body_euraud_1.png, Forex Trading: EUR/AUD Trendline and Fiboncci Level in Play Again

Prepared by Jamie Saettele, CMT

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.

Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2582+0.0027+0.22%
    USDSGD=X
    1.7398+0.0051+0.29%
    EURSGD=X
    2.1138+0.0072+0.34%
    GBPSGD=X
    81.3576-0.3163-0.39%
    SGDJPY=X
    6.1624-0.0132-0.21%
    SGDHKD=X
    2.5983-0.0029-0.11%
    SGDMYR=X
    9,219.8867-79.7979-0.86%
    SGDIDR=X
    4.9667-0.002-0.04%
    SGDCNY=X
    1.1650-0.0009-0.08%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,290.90+6.30+0.49%
    GCM14.CMX
    19.67+0.24+1.22%
    SIK14.CMX
    91.74-1.14-1.22%
    ^XAU
    3.12+0.06+1.91%
    HGK14.CMX
    101.90+0.46+0.45%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.123+0.001+0.82%
    B22.SI
    0.15+0.008+5.63%
    545.SI
    0.635+0.040+6.72%
    5WH.SI
    0.615+0.005+0.82%
    E5H.SI
    1.355+0.005+0.37%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    20.00+4.200+26.58%
    K6S.SI
    1.215+0.190+18.54%
    S53.SI
    0.415+0.045+12.16%
    570.SI
    1.345+0.130+10.70%
    5DA.SI
    0.154+0.014+10.00%
    5GD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.053-0.059-52.68%
    5TF.SI
    1.62-0.520-24.30%
    N02.SI
    0.20-0.020-9.09%
    E94.SI
    0.179-0.013-6.77%
    567.SI
    0.30-0.020-6.25%
    508.SI