The aussie has been developing divergence moves against the euro and British pound. The commodity currency, AUD, is trading lower against GBP and higher against Euro. The euro turned weaker, traders eye Greece. The uncertainty between Greece and creditors weigh on the euro. The EUR/AUD moved lower from a high of 1.5337. The cross has been developing lower lows and lower highs at all-time intervals. Bulls’ last hope lies at 1.3685 50Msma and 200Wsma. In case the price closes below 1.3685, bears can challenge another 300 more pips on the downside 1.3310. The cross is likely to make a double top at 1.4450 on the monthly chart. The nearest support is found at 1.4010 rounded to 1.4000. In the four-hour chart, the cross made a double top at 1.4360. In case the price closes below 1.4000, we can conclude that the near term was capped. The cross is likely to extend the downfall towards 1.3850/1.3820. Mild support is found between 1.3982 and 1.3967.
Intraday view: The nearest support is found at 1.4085. We recommend selling below 1.4080 with an immediate target at 1.4050, 1.4030, and 1.4000. Close below 1.4030/1.4000, a real panic looms towards 1.3970 and 1.3850/1.3820. Intraday resistance is seen at 1.4145 4hr high and 1.4181 34hrsma. Until the price closes below 1.4165, use every spike to sell.
Trade: Sell below 1.4080
The material has been provided by InstaForex Company – www.instaforex.com