By Anton Eljwizat – In the last week trading, the EUR/AUD experienced much bullishness, as it stands now at 1.4930. However as I demonstrate below, it seems that the pair’s bullish run may have run of steam, and a bearish correction could be underway soon. Forex traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave.
• Below is the 8-hour chart for the EUR/AUD.
• The technical indicators that are used are the Relative Strength Index (RSI), Slow Stochastic and Williams Percent Range.
• Point 1: The Slow Stochastic indicates an impending bearish cross, which may signal a downward movement is going to occur in the near future.
• Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.
• Point 3: The Williams Percent Range has peaked at the 0 marker; which means that there may actually be a strong level of downward pressure.
EUR/AUD 8 Hour Chart
Forex Market Analysis provided by Forex Yard.
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