FxWirePro

EUR/AUD bulls resume at 50% Fibos forming hammer pattern

FX:EURAUD   Euro Fx/Australian Dollar
102 0 6
EUR/AUD bulls resume at 50% Fibos forming hammer pattern, further rallies most likely upon breach above1.4509, major trend still weaker:

On daily charts , hammer pattern candle which is bullish in nature occurs at 1.4255 to bottom out in this pair, as a result, the current prices spike above DMAs.

Currently, the upswings for the day attempt to break out a stiff resistance of 1.4509 levels, the break-out resistance and sustenance above would likely to drag the rallies.

On the slip side, the failure swings may test strong support at 1.4425 levels and in medium terms break and sustenance below this level can pull back slumps up to 1.4180 levels.

In the short run, both leading and lagging indicators indicate bullish momentum by converging upwards to the price rallies on daily charts .

Currently, RSI (14) on daily is indicative of strength in upswings as you could easily see the convergence to the prevailing rallies but could be deceptive on monthly terms.

Stochastic: This leading oscillator has approached oversold territory but no convincing bullish crossover yet that conforms to the price dips with intensified selling momentum in medium terms.

Robust volume build ups are conformity to these downswings.

We think, in a long term bears' intensity is strengthening as there is no sign of strong buying sentiments so far. Monthly MACD also signifies the ongoing downtrend to prolong further.

So, the trading recommendation for the day would be good to buy this pair via one touch binary calls when pair attempts to break-out above 1.4509 levels, it is good to go with these options at every decline and bring in leveraging effect with OTM strikes for a minimum target of 30-35 pips with ease.

The payoffs of touch option have been conditional, if EURAUD             , in this case, would touch the OTM strike price within any time period by the time of expiration, if the investor predicts correctly and the asset touches the strike price the option expires "in the money".

Related Ideas

Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out