EURAUD – Positive triggers
18th May 2016
…Yesterday I wrote about USDTRY and the positive break through moving averages in both spot and RSI.
A very similar chart, and conclusion, can be found looking at EURAUD on a weekly time perspective. A break through the 21 week moving average by spot EURAUD was seen 2 weeks ago, and also in RSI.
Those bullish triggers were confirmed by last week’s further, though modest, gains that created a higher high.
It’s also worth noting that prices are again stabilised above the weekly Ichimoku Cloud pattern – a point that has held the downside since last June- and RSI has broken above trendline of lower highs.
Scope on the upside is to 1.5841, 1.6000 then this year’s 1.6253 EURAUD peak.
Only a weekly close under 1.4939 is negative for EURAUD
