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EURAUD ranging between 1.5650 and 1.5900, affected by US Tariffs impact on Chinese economy.

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The EURAUD pair is trading just under 1.5800 in a consolidation pattern sideways range between 1.5650 and 1.5900 for much of July. This presents traders with levels of support and resistance to work with. The price came down out of its rising channel in May and retested the channel bottom trend line as resistance earlier this month. This raises the potential for lower prices in the months ahead, with a confirmed loss of 1.5600 pointing to a move to 1.5431 followed by a retest of the swing low at 1.5265. This level represents the point at which buyer can step in to support price or sellers can add to positions and aim for 1.5000. After the ECB meeting last week the pair has traded higher from 1.5700 but there are still concerns about the impact of US tariffs on the Chinese economy and by extension the Australian economy. For traders to seek higher prices, buyers need to push price over 1.5800 and advance to 1.6000 for a retest of the trend line at 1.6060. To say this would be an uphill struggle is quite appropriate. If a successful break above the trend line is achieved then a move to the 2018 high at 1.6200 can occur. However the position of the channel top relative to the high at that time will dictate the strength of the resistance associated with both of these features of the chart.

 

 

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