EUR/AUD – Bears are eyeing a break below 1.62000
The EURAUD on the hourly time frame has been following a downtrend recently. The price dipped below the key level of 1.62500 on 22 November to reach the lowest level of the period under study at 1.62104. Bears are pushing the price lower as key technical indicators are supporting the bearish trend. As of writing, the price is hovering around 1.62400 with negative MACD and price below 200-period simple moving average.
The hourly chart of the EURAUD confirms the negative sentiment in the price movement as the currency pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the currency pair. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In an alternative scenario, key resistance level lies at 1.63240. Bulls must break this level in order to regain bullish sentiment in the market.
The hourly chart of the EURAUD confirms the negative sentiment in the price movement as the currency pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the currency pair. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In an alternative scenario, key resistance level lies at 1.63240. Bulls must break this level in order to regain bullish sentiment in the market.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.