EURAUD Next Key Support Is 1.3892
Over the week we mentioned the forex pair EURAUD. Last week we don’t see a lot of volatility at the forex markets, because there was eastern holidays.
As we can see the pair is carving out an ascending channel on the 4-hour time frame. It’s the result of the 280 pip rally that began in the final session of March.
Next week we expect that, pair will drop lower, to the next key daily support at 1.38923.
From a broader perspective, the technical landscape since early March seems to indicate a head and shoulders pattern. While I don’t personally trade these patterns on anything below the daily time frame, the structure could still signal that lower prices are likely.
Note that:
The first round of the 2017 French presidential election is set to be held on 23 April 2017. Should no candidate win a majority, a run-off election between the top two candidates will be held on 7 May 2017. Incumbent president François Hollande of the Socialist Party (PS) is eligible to run for a second term, but declared on 1 December 2016 that he would not seek reelection in light of low approval ratings. He is the first incumbent president of the Fifth Republic not to run for a second term. This is also the first French presidential election in which nominees of both the main centre-left and centre-right parties were selected through open primaries. A total of 11 candidates will contest the first round. The presidential election will be followed by a legislative election to elect members of the National Assembly on 11 and 18 June.
Have a happy easter holidays !
Check the upside technical analysis.
Performed by analytical expert: Urban Stamcar
As we can see the pair is carving out an ascending channel on the 4-hour time frame. It’s the result of the 280 pip rally that began in the final session of March.
Next week we expect that, pair will drop lower, to the next key daily support at 1.38923.
From a broader perspective, the technical landscape since early March seems to indicate a head and shoulders pattern. While I don’t personally trade these patterns on anything below the daily time frame, the structure could still signal that lower prices are likely.
Note that:
The first round of the 2017 French presidential election is set to be held on 23 April 2017. Should no candidate win a majority, a run-off election between the top two candidates will be held on 7 May 2017. Incumbent president François Hollande of the Socialist Party (PS) is eligible to run for a second term, but declared on 1 December 2016 that he would not seek reelection in light of low approval ratings. He is the first incumbent president of the Fifth Republic not to run for a second term. This is also the first French presidential election in which nominees of both the main centre-left and centre-right parties were selected through open primaries. A total of 11 candidates will contest the first round. The presidential election will be followed by a legislative election to elect members of the National Assembly on 11 and 18 June.
Have a happy easter holidays !
Check the upside technical analysis.
Performed by analytical expert: Urban Stamcar
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