EUR/AUD: Key level to watch on Monday
Interesting setup on this pair…
The prices seem not to hold the TS with a large red candlestick. The next support is very close (1.48142). It is actually the extension of the SSB. Since the SSB is 2 KS, it is considered as a very strong support. This level is to watch cautiously. Should the prices cross it, the Lagging Span will cross this level as well and drive the prices to the next support.
A very thin TWIST is also clearly visible, indicating that the prices could cross it easily and fully confirm the downtrend.
Prices are below the KUMO, below the TS and are about to cross the KS.
Should the prices not bounce from this level one can expect further declines. Prices attempted to cross the KUMO on the 28th but were stopped by a wide red candle suggesting that bears are fully controlling the pair.
The Lagging Span has no immediate support either.
Next supports on the daily are 1.46067, 1.44820 and 1.42269.
The bearish outlook seems to be confirmed on the H4 chart as well.
As highlighted, the prices are below TS, KS and KUMO. The projected KUMO is negative as well.
The Lagging Span is also free of any obstacle (candle).
Next supports are 1.48459, 1.48263 and 1.47515.
In case the daily KS is broken we have got a signal of a bearish trend.