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Saturday, August 17, 2013

EUR/AUD TECHNICAL ARTCLE FOR AUGUST 19 TO AUGUST 23



The AUD has gained against all of its pairs for this week and it should be continue on some occasions for the coming week.  Besides, there is a belief over the moving average of EUR/AUD will bring the short to some extent. 

The influence of AUD will make the trend to be short until to find a valuable resistance. On yesterday, it was hit the resistance of 1.46288 and considered to be as overbought. Obviously, we can predict the trend back from this point and actually it did. 

The trend has already breaks out the initial support of 1.44985. The overall belief over this short is only by the technical analysis alone. 

In sometimes, the psychology of the forex market will behave opposite to the technical analysis. But, once the first day of next week will cope with the technical analysis, it will surely gain the bunch of 70 pips.

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