EUR/AUD Outlook

RBS notes:

Two weeks ago we re-entered long EUR/AUD position from a reference level of 1.4440, as we were long in the previous publications and were waiting for the correction to be completed to add/re-enter. The 1st target of 1.5020 has now been comfortably reached, as the high was almost exactly at the level (1.5035) and the pair entered correction straight after reaching our target. This correction is expected to be in place for some time, as a dark cloud cover pattern was formed, implying further near term weakness towards 1.4620. 

The latter is expected to hold and the area of 1.4620 / 1.4696 is considered as a reentry area for a long trade for 1.5278. 

The stop level is also moved higher to lock in some profits (a close below 1.4600)

SUP: 1.4390 1.4350 1.4220
RES: 1.4517 1.4696 1.4770