EUR/AUD on the Rise
August 4th, 2009 Posted in Analyst Picks
Name: Anton
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The EUR/AUD pair has dropped significantly in the last month as the price consolidated to 1.7137, but as I will demonstrate below, the price of EUR/AUD may very well be heading for a reversal, and it might have the potential of reaching towards 1.7200 in the coming days.
The indicators used are the Slow Stochastic, MACD and RSI.
Point 1: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
Point 2: The RSI signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
Point 3: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal. Don’t forget your Stops and Limits!
EUR/AUD Daily Chart
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Tags: AUD forcast, EUR forcast, EUR/ AUD, Forex, forex blog, MACD, RSI, Slow Stochastic, Technical Analysis
