EURAUD bulls & bears in major trend slide through falling wedge
EUR/AUD bulls and bears in major trend slide through falling wedge formation, both leading and lagging oscillators in conformity:
Please note that the price behavior has been sliding through falling wedge formation which is bearish in nature on both weekly and monthly charts, after breaking major supports at 1.4075 levels, bear streaks have been intensified. We could foresee more downswings especially after bearish EMA crossover with bearish convergence in leading oscillators.
The current prices have consistently been falling below DMAs, sliding through lower Bollinger band.
On weekly plotting, for now, you could now observe the upswings after spike above falling wedge baseline. Every spike has been restrained below wedge resistance, while dips have been supported at wedge baseline on both weekly as well as the monthly timeframe.
Both leading and lagging indicators indicates bearish momentum by converging downwards to these price dips.
RSI: Currently, RSI (14) on weekly has been clearly converging downwards to the prevailing price dips that signal the strength in selling pressures.
Stochastic: This leading oscillator has approached oversold territory but still evidences %d crossover to signals intensified selling momentum on both timeframes.
On a broader perspective, MACD evidences bearish crossover below zero levels on weekly plotting and at zero levels on monthly terms that signal the bearish trend to prolong further.
Having said that, overall the major downtrend of this pair remains intact, and it is likely to extend further.
On a speculative ground, futures contracts of near month tenors for the target at around 1.3705 or even up to 1.33 levels, keep a strict stop loss of around 1.4075 levels.
Please note that the price behavior has been sliding through falling wedge formation which is bearish in nature on both weekly and monthly charts, after breaking major supports at 1.4075 levels, bear streaks have been intensified. We could foresee more downswings especially after bearish EMA crossover with bearish convergence in leading oscillators.
The current prices have consistently been falling below DMAs, sliding through lower Bollinger band.
On weekly plotting, for now, you could now observe the upswings after spike above falling wedge baseline. Every spike has been restrained below wedge resistance, while dips have been supported at wedge baseline on both weekly as well as the monthly timeframe.
Both leading and lagging indicators indicates bearish momentum by converging downwards to these price dips.
RSI: Currently, RSI (14) on weekly has been clearly converging downwards to the prevailing price dips that signal the strength in selling pressures.
Stochastic: This leading oscillator has approached oversold territory but still evidences %d crossover to signals intensified selling momentum on both timeframes.
On a broader perspective, MACD evidences bearish crossover below zero levels on weekly plotting and at zero levels on monthly terms that signal the bearish trend to prolong further.
Having said that, overall the major downtrend of this pair remains intact, and it is likely to extend further.
On a speculative ground, futures contracts of near month tenors for the target at around 1.3705 or even up to 1.33 levels, keep a strict stop loss of around 1.4075 levels.
