EUR/AUD intraday technical levels and trading recommendations for August 28, 2014

By breaking down the price level of 1.5050, the bears confirmed a long-term Head and Shoulders bearish reversal pattern. The bears managed to break down to 1.4950, then 1.4730 corresponding to 50% and 61.8% Fibonacci levels. Two bullish spikes were expressed above 1.4950 (50% Fibonacci level on the daily chart) took place.

Top Trade Idea For August 28th, 2014 – AUDUSD

For the audusd pair there is still trouble ahead as the path of least resistance seems to be still to the downside and not the upside like recent price action might indicate. The thing is that the pair is consolidating for the last 5 months around 0.95 and 0.9300 levels, so 200 pips range that tells everything about what summer trading means. However, things are about to change as we’re getting closer to the Fed ending the tapering and probably with the Fed rising the rates sooner than expected.