EUR/AUD, 1.50 keep repelling bulls, more yo-yoing?

FXstreet.com (Chicago) - EUR/AUD continues to trade stuck in the middle of a 1-week long range between 1.4740 and 1.49, with the latest 1.49 topside failure carving out what might be the right shoulder of a potential head and shoulder formation.

Price action indicated the pair continues to show abrupt shifts up and down without a clear bias this week. Technically speaking, the pair was reported as strongly bearish by the FXstreet trend index as MACD and CCI indicators pointed down on one-hour timeframe.

Trading at 1.4813, supports were aligned at 1.4780 (low of last bear leg) 1.4760 (August 2nd lows) and 1.4740 (August 6th lows) and resistances were set at 1.4836 (March 2010 highs), 1.3846 (August 1st highs), 1.4864 (August 6th highs).