{"id":60983,"date":"2014-09-26T09:44:26","date_gmt":"2014-09-26T13:44:26","guid":{"rendered":"http:\/\/countingpips.com\/?p=60983"},"modified":"2014-09-26T09:54:14","modified_gmt":"2014-09-26T13:54:14","slug":"euraud-sets-the-stage-for-a-bearish-week","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/09\/euraud-sets-the-stage-for-a-bearish-week\/","title":{"rendered":"EUR\/AUD Sets the Stage for a Bearish Week"},"content":{"rendered":"<div id=\"inves-1532575522\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 26, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <span style=\"color: #ff0000;\"><strong>Bearish<\/strong><\/span><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>EUR\/AUD forms Double Top reversal pattern at 1.4555;<\/li>\n<li>Euro\u2019s weakness is beginning to outweigh Aussie\u2019s downfall.<\/li>\n<li>Next week markets will decide if this bullish run from 1.380 to 1.455 is ready to turn around.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>Traders were unable to price in a Higher High on Friday morning, giving away a glimpse of weakness within EUR\/AUD\u2019s recent uptrend. Additional confirmations are required; however buyers should be extremely wary moving forward.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical analysis<\/strong><\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/EURAUD26thSeptember.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6718\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/EURAUD26thSeptember.png\" alt=\"EURAUD26thSeptember\" width=\"700\" height=\"341\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">In recent weeks, markets saw the Euro price in consistent gains against its Australian counterpart, erasing 38.2% of the losses incurred throughout 2014. EUR\/AUD broke above the 50-Day and 100-Day Simple Moving Averages, exceeding even the most recent Lower High in the main uptrend, successfully invalidating the main long-term downtrend. As a result, bears will have a hard time gauging downside potential for this pair in what appears to be a game of who is weaker out of the two currencies involved.<\/p>\n<p style=\"text-align: justify;\">EUR\/AUD is currently trading around 1.4488 as the final trading session of the week is underway. Price action shows a reversal pattern at 1.4555, where a Double Top is now in place. Moreover, Daily Stochastic confirms overbought conditions and the need for a correction lower.<\/p><div id=\"inves-1372311162\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/EURAUD23thSeptember4h.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6719\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/EURAUD23thSeptember4h.png\" alt=\"EURAUD23thSeptember4h\" width=\"700\" height=\"341\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Since EUR\/AUD formed a Higher High on the Daily timeframe, we expect downside potential to be somewhat limited for now. If the Double Top will receive confirmation with a break below 1.4375, traders will seek to price in a Higher Low. Suitable targets are located around 1.4200\/10, quickly followed by 1.4048. A breach below the latter will invalidate scenarios of a Higher Low forming followed by an uptrend continuation.<\/p>\n<p style=\"text-align: justify;\">EUR\/AUD could also disregard the Double Top at 1.4555 and rally higher, paving the way for more gains toward 1.4800 (200-Day Simple Moving Average). This scenario is less likely at this point, yet it\u2019s worth underlining that bears should ditch their positions above 1.4555.<\/p>\n<p>*********<br \/>\nPrepared by Alex Z., Chief Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\/\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bearish Key Takeaways EUR\/AUD forms Double Top reversal pattern at 1.4555; Euro\u2019s weakness is beginning to outweigh Aussie\u2019s downfall. Next week markets will decide if this bullish run from 1.380 to 1.455 is ready to turn around. Traders were unable to price in a Higher High on Friday morning, giving away a glimpse [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-60983","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/60983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=60983"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/60983\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=60983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=60983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=60983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}