© Dukascopy Bank SA
Despite a sustainable recovery that took place between Wednesday and Thursday, the Euro/Aussie cross failed to consolidate above the 1.57 mark. Moreover, even the weekly S1 and 55-hour SMA were unable to support the Euro, which led to a sell-off down to the 1.55 level by Friday afternoon. Closest demand to meet is represented by the weekly S2 and daily S1 and 1.5460/44, which are immediately followed by the pattern's lower edge at 1.5416. Judging from the market sentiment (59% bullish), these supports are capable of proving the pair with bullish momentum. However, technical indicators are largely pessimistic, and they see the losses extending below 1.54 in the nearest future.
© Dukascopy Bank SA