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EUR/AUD’s Double Top And Negative Reversal Signals Target 1.29
Written by article default Tuesday, 11 January 2011 13:17
- EUR/AUD
- 1H and 15min: If the double top seen in the 15-min chart remains intact (a rally stays under the moving averages, or at most 1.0340. Preferable the rally does not break above 1.3020. The bearish scenario is now open if the 15-min RSI dips below 30, and price declines below 61.8% retracement at 1.2982.
- The RSI in the 1H chart shows a failed attempt to break 60, although it cracked it. The RSI suggests bearish continuation as soon as it dips below 40 because there is a negative reversal signal (higher RSI high, but lower price high coming after a bearish swing).
- This signal targets the 1.29 level, which would be another fresh historic low.
When will the EUR/AUD stop creating historic lows? We would love to hear from you.