Fan Yang
1
All posts from Fan Yang
Fan Yang in Fan Yang,

EUR/AUD - We got a Bullish Breakout

EUR/AUD  has been bearish throughout the year since a high of 1.5831 made in late-January. After finding support at 1.3788, it has made a v-shape reversal that is now signaling a bullish outlook with a breakout. 
(EUR/AUD Daily Chart 9/22)

There is a break above the falling trendline. This break is clear now because last week, price was simply consolidation around the trendline. The daily RSI has now broken above 60, and reflects a loss of bearish momentum. Price is also breaking above the 100-day SMA. Now, the first resistance might be around 1.46, but the bullish breakout opens up the 1.48 handle where the 200-day SMA resides. The 50% retracement is just above that, around 1.4810.

At this point if price is going to pullback, we should look for buyers in the 1.43-1.44 area.