Trend correction playing out?

FX:EURAUD   Euro / Australian Dollar
25 0
Hi Traders,

The current bullish trend in this pair extends back to the start of 2017, it's been quite relentless in its ascent! There are however signs of a potential correction on the daily chart dating back to February this year.

Price continues to rise and make new highs from February, but the RSI oscillator rejects the 70 level three times before a slight dip in the pair last week. Price has currently found some support at 1.59049 ( its 26 EMA ) and has been working its way downwards short term through the highlighted channel.

We are entering an interesting period for this pair as price looks to be retreating resistance at 1.60521, break through this level and the sky could be the limit with 1.62000 and 1.65000 the next points of interest. If the RSI is indeed indicating a trend exhaustion though, look for key levels of support at 1.57852 & 1.56079 to be broken before opening up new lows potentially at 1.52000. Look for entry/exit on lower timeframes.

Happy trading !
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