Featured Trade EURAUD potential push up within range

Short-term technical outlook on EUR/AUD (Mon 08 Apr)

Key elements

The EUR/AUD cross pair has managed to stage a rebound of 170 pips from a medium-term sideways range support in place since 01 Feb 2019.
The key short-term support rests at 1.5765 which is defined by the minor swing low area of 08 Apr and the minor ascending trendline from 02 Apr 2019 low
Both daily and hourly RSI oscillators (momentum indicators) remains in positive configurations above their respective corresponding supports.
The next intermediate resistances stand at 1.5900 (minor congestion area of 12/27 Mar 2019) and 1.5965 (23/25 Mar 2019 minor swing high of area & Fibonacci retracement/expansion cluster).

Key Levels (1 to 3 days)

Intermediate support: 1.5810

Pivot (key support): 1.5765

Resistances: 1.5900 & 1.5965

Next support: 1.5715

Conclusion

If the 1.5765 key short-term pivotal support holds, the EUR/AUD may see a further push up to target 1.5900 and above it sees 1.5965 next.

However, failure to hold at 1.5765 negates the short-term bullish tone for a further slide to retest the medium-term range support at 1.5715.

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.

City Index is a trading name of StoneX Financial Pty Ltd.

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs.

While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments.

StoneX recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment further CFD investors do not own or have any rights to the underlying assets.

It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.cityindex.com/en-au/terms-and-policies/, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. Our Target Market Determination (TMD) is also available at www.cityindex.com/en-au/terms-and-policies/.

StoneX Financial Pty Ltd, Suite 28.01, 264 George Street, Sydney, NSW 2000 (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.