By Anton Eljwizat
The EUR/AUD pair has experienced much bearishness in the last few days as it currently trades at 1.3380. The current bearish trend is expected to come to an end anytime soon, and a bullish correction may be in the making. I will illustrate below that the EUR/AUD may very well be heading for a reversal. Traders are strongly advised to take advantage of the trend at an early stage.
• Below is the 4-hour 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: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 2: The RSI signals that the price of this pair currently floats in the over-sold territory, suggesting upward pressure.
• Point 3: The Williams Percent Ranges is showing that this pair is heavily over-sold and may be experiencing strong upward pressure.
• The volatile downward movement which occurred prior to this upward correction has generated these indicators, and there appears to be room for this correction to continue.
EUR/AUD 4-Hour Chart
Forex Market Analysis provided by ForexYard.
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