EURAUD on the H4 time frame, is showing clear signs of rejection of a key reversal zone.
We also have MACD Divergence.
With me previous analysis for a bullish AUD, I have a bearish expectation for EURAUD for the rest of the week.
For technical analysis:
Please review the notes below
Pair in very strong resistance areas represented:
1 - historical resistance represented by the levels of the Maori Math
2. Very strong buying signals at resistance levels in Stochastic, RSI and CCI
3. Very strong resistance levels with Fibonacci levels at 61.8-78.2 coming from top to bottom
4 - opportunity to...
The difference a week makes. Last week this pair looked quite strongly BULLISH but 1.3923 now looks to be a significant level. On the H4 charts the 200 and 100 sma meet at 1.3923.
Unless EUR/AUD can rise above and hold above this level then the picture looks BEARISH.
A break and hold above this level and the picture turns BULLISH.
Look to SELL if...