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Chart and candlestick formed: EURAUD bulls managed to hit 2-years highs in the intermediate trend but couldn’t sustain as stated in our previous write-up, as the pair forms long-legged doji pattern at the peaks of 1.6036 levels on the monthly chart.
The minor trend has been spiking through rising channel pattern, as you could see bulls currently have tested channel supports. That is where hammer pattern candle has occurred at 1.5825 levels.
Today’s rallies are spiking above 7-DMA, RSI has been signaling the gaining strength in buying sentiment at 38 levels, and stochastic curves evidence %k crossover which is a bullish crossover. Consequently, upswings are intensified.
On the contrary, lagging indicators evidence bearish crossovers, both DMA and MACD show bearish crossovers to indicate the price dips to prolong further.
On a broader perspective, the stiff resistance is observed at 1.6293 levels, any break-out of this resistance levels forms new bullish environment. Historically, you could make out the prices have tumbled as it failed to sustain above this resistance level and how the price behavior has been dipping further.
Having said that, we wrap up by stating, overall, both intermediate and minor trends seem to be in bulls favor but with a little pinch of salt.
Contemplating ongoing bullish sentiment, on trading grounds, it is wise enough to trade one touch call options to participate in the ongoing uptrend.
Alternatively, at spot reference: 1.5875 levels, on hedging grounds we recommend adding longs in futures contracts of far-month tenors with a view to arresting upside risks.
Holders in a futures contract are expected to maintain margins in order to open and maintain a longs futures position.
Currency Strength Index: FxWirePro's hourly EUR spot index is flashing at 73 (which is bullish), while hourly AUD spot index was at 116 (bullish) while articulating (at 11:32 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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