EUR/AUD tested a solid support level 1.37 in the second half of April, and since then the exchange rate has been in a strong upward trend. Right now the Euro is undergoing a bearish correction, but the decline should come to an end around 1.4730 which is the 200 SMA on this 4H chart. The rising trend is very near this 200 SMA, hanging around 1.4680. From there EUR/AUD is likely to launch another attack on the 2014 Dec high of 1.5330.
We would like to see confirmation by the MACD turning positive as the pair holds the trendline and/or the SMA before entering a position. This pair is one to watch over the coming days.
We would like to see confirmation by the MACD turning positive as the pair holds the trendline and/or the SMA before entering a position. This pair is one to watch over the coming days.