By Anton Eljwizat – The EUR has dropped significantly versus the AUD in the past week, and it is currently trading around 1.5335. And now as evident in the data below, the daily chart is giving bullish signals, indicating that the EUR/AUD pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.
• Below is the daily chart of the EUR/AUD currency pair.
• The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic.
• Point 1: There is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.
• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 4: The Williams Percent Range has peaked near at the -100 marker, which means that there may actually be a strong level of upward pressure.
EUR/AUD Daily Chart
Forex Market Analysis provided by Forex Yard.
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