We’ve broken up through an hourly descending trendline from last Friday’s spike high in Asia, but the overall trend remains heavy on the daily charts and to be honest trying to find the base in this cross looks a dangerous game to play at the moment.
I ‘d be inclined to continue to sell rallies for the moment unless we get a clear break through the daily trend line descending from around 1.3030 seen on May16.
There’s some bids sitting down in the 1.2050 area ahead of the all time low around 1.2003 and a break there is likely to trigger a sharp stop sell off towards 1.1960. Initial topside resistance lies at 1.2090/00 and 1.2170.
EUR/AUD’s sitting around 1.2075