Chart of the day: EUR/AUD

Blake Morrow Forex Analytix

Dips in the EUR/AUD have found buyers near the 61.8% Fibonacci retracement at 1.6300 level. However, horizontal resistance all summer has been at the 1.6600 level and just above that is the 200dma. The 200dma has been a substantial support/resistance level since the end of April. A sustained break of the 200dma is needed, but if it that happens, the risk of a quick move towards the 1.7000 level would be in the cards.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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