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04.06.201505:02 Forex Analysis & Reviews: Technical analysis of EUR/AUD for June 04, 2015

Long-term review

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At the Asian session, Australia retail sales data hit the wires. The reading was flat. The trend estimate rose 0.3% in April 2015. This followed a rise of 0.3% in March 2015 and a rise of 0.3% in February 2015. AUD fell against USD, NZD, EUR, and GBP after the retail sales report. The cross has boken the bullish inverse head and shoulder pattern today. In the four-hour chart, higher lows formation is taking place. We advised buying above 1.4450 with an initial target at 1.4580. Now, we are extending our targets towards 1.4645, 1.4670, and 1.4800. Earlier, we advised buying above 1.4450. At yesterday's session, we advised buying above 1.4450 with a target at 1.4580 again. Those who wish to buy now can buy above 1.4620 aiming at 1.4645 and 1.4670.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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