EUR/AUD Provides Bearish Signals

By Anton Eljwizat – Last week’s bullish movement of the EUR/AUD cross hasn’t received much support as of late. Below, I will demonstrate that the EUR/AUD pair has already commenced a downward trend for today, and the cross may tumble another 40-110 pips in the coming days. Traders are strongly advised to take advantage of the trend at an early stage. Therefore, why not open short positions at an excellent price?

• The technical indicators that are used are the Williams Percent Ranges, Relative Strength Index (RSI), and Stochastic Slow.

• Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.

• 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 Ranges signals further bearishness for the pair, which in turn indicates further downward pressure to occur anytime soon.

EUR/AUD Daily Chart

Forex Market Analysis provided by Forex Yard.

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