euraud bounce/reversal?
1.609 is the level to watch. Overlap of 50ema(daily), 1.382 fib extension and Horizontal support.
The rsi is oversold on the 4hr.
I'd be placing a decent buy order at 1.6085, and a larger one at the 1.618 extension at 1.6055 if price shoot right through. Note that if price does go to 1.6055 it will be an inverse H&S pattern.
fundamentally, AUD is weak from ongoing trade war and EUR has a lot of upside after the italy issue is resolved. We may be looking at euraud making another rally to the 10-year high price.
The rsi is oversold on the 4hr.
I'd be placing a decent buy order at 1.6085, and a larger one at the 1.618 extension at 1.6055 if price shoot right through. Note that if price does go to 1.6055 it will be an inverse H&S pattern.
fundamentally, AUD is weak from ongoing trade war and EUR has a lot of upside after the italy issue is resolved. We may be looking at euraud making another rally to the 10-year high price.
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