The primary trend of
EUR/AUD is bearish on charts and price is trading above the trend
line in its hourly chart. In hourly chart the price is sustaining
below 200 day SMA and taking support of 50 day SMA on the downside
indicating downtrend of the pair. It is having an important
resistance at the level of 1.5095 and support at the level of 1.4950.
If it breaks its support level on the downside and sustains below it
then we can expect it to show further bearish movement in the pair.
INDICATORS:-
MACD is sustaining in
its negative zone indicating the bearish trend in the pair.
RSI is sustaining in
its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY:
EUR/AUD is
looking bearish on charts for next few trading session. One can go
for sell on higher level strategy for this pair for intra day to mid
term positions in it.
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