EUR/AUD: bulls have become too aggressive & may approach 1.6585 level

Sep 12 , 2018

 

Overall pair is heading north side from last 4 consecutive weeks where we can see that only bulls are visible. The way bulls are reacting it gives the impression like they are not ready to stop for the time being and approaching at least 1.6585 level which is the swing high of August 2015.

 

Presently pair is heading at multi year’s fresh high and seems like bulls have become too aggressive and they are in mood to give valid breakout of 1.6585 level. A valid breakout of the mentioned level will open the road for further levels towards north side. For the time being only bulls are visible and bears seems as invisible. During the whole trading session bulls never given any chance to bears to settle.

 

 

 

 

Uncertainty about what’s next between the US and China and the effects it may have on global growth kept majors confined to familiar levels. ECB’s meeting on Thursday could imprint some life to the EUR/AUD pair.Odds are in favor of bulls and intraday bias remains bullish on the pair as long as 1.6000 level remains intact. A bullish  crossover on MACD is supporting the bulls and RSI is also favoring the bulls  from positive territory.

 

 

On contrary RSI has arrived into an overbought territory which indicating that some correction is expected so traders and investors are advised that don’t get confuse with the correction and take this correction as further buying opportunity.The 1.6000 is immediate support level followed by 1.5870 level whereas 1.6585 level is immediate resistance level followed by 1.6700.

 

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