AUD,NZD/EUR crosses/EUR/USD/Technical Analysis/Trade Ideas

EUR/AUD m/t technicals: Pivotal resistance looming at 1.2925/50

euraud1w     Once again its best to look at the longer-term charts to get a feel for what might happen in this pair. We have previously major lows at 1.2950 and the 100-week MA just below there. I suspect that this level will be pivotal to future moves and a clean break above prior weekly highs at 1.3030 might well lead to a sharp move higher (1000 pips or so certainly look possible).

Of course if these resistance levels hold firm then the case for further downside will look very strong indeed.

EUR bulls always look very silly once the bad news starts flowing again but for now at least, long EUR looks like the more promising trade.

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