EUR/AUD Eyes Resistance

By AutoChartistCurrenciesDec 23, 2016 05:05AM ET

www.investing.com/analysis/daily-forex-update:-eur-aud-200170670

EUR/AUD Eyes Resistance

By AutoChartist | Dec 23, 2016 05:05AM ET

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EUR/AUD

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EUR/AUD continues to rise in the direction of the key resistance level 1.4512 (of the type Approach), which was previously identified by Autochartist in the daily charts. Autochartist rates the Significance of this Key Level at the 3-bar level, which is the result of the three recent price reversals from this price level.

EUR/AUD

As can be seen from the daily EUR/AUD chart below, the aforementioned key resistance level 1.4512 is also the upper boundary of the sideways price channel inside which the pair has been trading from October. The lower boundary of this price range stands at the powerful support level 1.4140 – which increases the probability the pair will continue to rise in the direction of the Key Resistance 1.4512 tomorrow.

EUR/AUD 1 Day

As can be seen from the PowerStats chart below, the upper boundary of the daily Expected Price Range calculated for this pair (1.4500) nearly coincides with the Key Resistance level 1.4512 – which adds to the likelihood EUR/AUD will soon reach this Resistance level.

Expected Price Range for EUR/AUD

Disclaimer: THE RISK OF LOSS WHEN INVESTING IN SPOT FOREIGN EXCHANGE MARKET CAN BE SUBSTANTIAL: YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH INVESTMENT IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THIS KIND OF INVESTMENT INVOLVES SUBSTANTIAL RISK AND IS NOT FOR ALL INVESTORS. INVESTMENT IN THE CURRENCY EXCHANGE IS HIGHLY SPECULATIVE AND SHOULD ONLY BE DONE WITH RISK CAPITAL. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN FOREIGN EXCHANGE TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL OF THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE FOREIGN EXCHANGE MARKETS. THEREFORE, YOU SHOULD CAREFULLY REVIEW THE DISCLOSURES CONTAINED IN BOTH THE MARKET MAKER'S TRADING AGREEMENT AND THE INTRODUCING BROKER'S LIMITED POWER OF ATTORNEY (LPOA) TO DETERMINE WHETHER SUCH INVESTMENT IS APPROPRIATE FOR YOU IN LIGHT OF YOUR PARTICULAR FINANCIAL CONDITION.

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EUR/AUD Eyes Resistance

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