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TECHS: Range Breakout Still In Play

EURO-AUSSIE

Earlier this week we highlighted a range breakout in EURAUD. The outlook remains bullish.

  • The breakout was confirmed on Oct 19 following the clearance of 1.6586 and 1.6593, Jun 12 and Sep 24 highs respectively.
  • The breach reversed the downtred between March and June.
  • More recently, a correction has unfolded. The cross briefly traded below the range breakout level today however, support quickly emerged and price is back above the former range peak.
  • Moving average studies are in a bull mode and price also remains above its trendline support at 1.6416. The trendline is drawn off the Sep 17 low.
  • Calculating range breakout projections, 1.7000 appears on the radar. This remains the objective.


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