EUR/AUD intraday technical levels and trading recommendations for May 29, 2015

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The weekly chart illustrates a 10-month bullish swing that extended between price levels of 1.2200 and 1.5800.

For several times, Fibo level 50% of the same bullish swing has provided significant support for the EUR/AUD pair.

Successive signs of a bearish pressure have been shown on the chart. However, the bullish breakout above the depicted downtrend was executed on April 30.

For a few weeks, the EUR/AUD pair has been trapped between the levels of 1.4000 and 1.4350 (Prominent daily resistance corresponding to previous daily tops).

If price zone of 1.4350-1.4400 remains defended by bears, a bearish pullback should be expected towards 1.4000 shortly after.

On the other hand, daily fixation above 1.4350 (range breakout) is likely to pause the long-term bearish tendency of the market.

It exposes higher price levels such as 1.4444 and 1.4550 for a quick visit.

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

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