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EUR/AUD rallies gone in whipsaws, potential in upswings reduced

FX:EURAUD   Euro Fx/Australian Dollar
81 0 9
EUR/AUD rallies gone in whipsaws, potential in upswings reduced to 1.4905 as momentum shrinks – Boundary binaries for speculation:

Upswings have gone in whipsaws; upswings may creep up to 1.4906.

Whipsaws baseline acting as support, any bounce above may resume rallies up to 1.4906; breach below can pull back slumps up to 1.4794.

Triple top formation, bulls test support at neckline, rallies to prolong up to 1.4906.

We see huge volume build ups that are sensing the weakness to evidence the downswings.

In the recent past, amid the bearish journey we see the current price have slid below DMAs on the weekly chart and it is struggling to break and sustain 1.4445 levels convincingly. Consequently, the bulls resume to evidence upswing up to the current 1.4847 levels.

We reckon, in a long term bears' intensity cannot be disregarded as there is no sign of strong buying sentiments so far on long term charts.

Both leading and lagging oscillators indicate  bullish signals in a short term, but bearish momentum is still intact in the long run.

Daily MACD also signifies the ongoing downtrend to prolong further on long term charts.

Trade tips: For intraday trading perspective, as the trend may seem little puzzling and swings have been drifting in sideways, it is advisable to buy boundary binary options with upper strikes at 1.4887 and lower strikes at 1.4833.

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