The aussie has been developing divergence moves against the euro and pound. AUD, which is a commodity currency, is trading lower against GBP and higher against the euro. Traders eye Greece updates as the euro is getting weaker. The uncertainty between Greece and creditors weighs on the euro. The cross EUR/AUD moved lower from a high of 1.5337 made in December 2014. The cross has been developing lower lows and lower highs in all time frames. The cross made a double top at 1.4360 changed the direction towards. At Tuesday’s session, we recommend selling below 1.4080 with immediate targets at 1.4050, 1.4030, and 1.4000. If it closes below1.4030/1.4000, real panic is likely to loom towards 1.3970 and 1.3850/1.3820. As of now, the cross made a low at 1.3949. Until the cross closes above 1.4035, use every rise to sell for the targets at 1.3900 and 1.3830. Bulls’ last hope lies at 1.3685 50Msma and 200Wsma. In case the price closes below 1.3685, bears can challenge another 300 pips on the downside (1.3310).
Intraday view: The nearest support is found at 1.3965 and 1.3949. We recommend selling with immediate targets at 1.3900 and 1.3860. The real panic will ignite below 1.3860.
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