Indicator | 1H | 4H | 1D |
MACD (12; 26; 9) | Sell | Buy | Sell |
RSI (14) | Neutral | Neutral | Neutral |
Stochastic (5; 3; 3) | Sell | Sell | Sell |
Alligator (13; 8; 5) | Sell | Buy | Sell |
SAR (0.02; 0.2) | Sell | Buy | Buy |
Aggregate | ⇓ | ⇗ | ⇘ |
EUR/AUD was trading in a rising wedge pattern prior to breaching it to the downside in this trading session. This suggests that further weakness may be expected. The European common currency was pushed below the 55-hour SMA, thus adding to the bearish perspective. In addition, the pair formed a double-top-like formation last week that may point to the same conclusion about possible momentum downwards. The Euro's depreciation against the Aussie is likely to persist until the 200-hour SMA at 1.4738. Along the way, however, the rate still faces the 100-hour SMA and the weekly PP at 1.4755 and 1.4747, accordingly. The closest resistance is formed by the weekly S1 at 1.4865.