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

2014-08-28 15:12:35 – Best Cash Back Forex Rebates : EUR/AUD intraday technical levels and trading recommendations for August 28, 2014
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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. However, the bulls failed to pursue the bullish breakout leading to failure of the bullish breakout attempt.

Since then, the EUR/AUD pair has been moving within the depicted RED channel in an attempt to reach the lower limit located roughly around 1.3880.

GBP/USD intraday technical levels and trading recommendations for August 28, 2014

2014-08-28 15:00:51 – Best Cash Back Forex Rebates : GBP/USD intraday technical levels and trading recommendations for August 28, 2014
Cash Back News –

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One month ago, the bears initiated a bearish trend off price levels around 1.7150-1.7190. Since then, the GBP/USD pair has been declining within the depicted bearish channel.

The price levels of 1.7050 – 1.7000 failed to provide enough support for the pair. Hence, the bears had a potential bearish target around 1.6800-1.6850.

However, this price zone of 1.6800 – 1.6820 failed to provide support too, exposing the price level of 1.6665.

Shortly after, price levels around 1.6800-1.6820 offered a valid SELL entry at retesting. Targets were reached initially around 1.6670, 1.6625 and 1.6580.

Price action action should be watched today for a possible BUY entry upon bullish breakout of the current channel depicted on the 4H chart.

Projection targets are roughly located at 1.6660 and 1.6705.

On the other hand, the next bearish destination is located around 1.6460 in case the bears keep developing such bearish momentum. ( Price level of 1.6460 corresponds to a prominent bottom on the daily chart ).

The material has been provided by InstaForex Company – www.instaforex.com

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https://www.instaforex.com/forex_analysis/50054/