EUR/AUD wants down

EUR/AUD wants down

Information is not investment advice

Have a look at the chart of EUR/AUD. There’s a bearish divergence between the price and the Awesome Oscillator on D1. The pair tested levels above the 50% Fibo of the 2008-2012 decline but then returned lower. In addition, yesterday the pair formed a bearish pin bar (a candlestick with a long upper wick). These are solid reasons to expect a correction to the downside. The European manufacturing/services PMI released today may trigger the move.

EURAUD 21.png

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To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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