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The pair has moved in narrow range (1.50 - 1.5343) after breaking supports at 1.5116 levels.
Leading oscillators on daily showing divergence to the previous short term uptrend and on monthly charts are converging these bearish sentiments.
RSI curve is steeply trending below at 49.9856 and %D line crossover has been maintaining beautifully near 45 levels, (current %D is at around 43.4355 and %K is at 39.7666) but there has been slight divergence on weekly charts.
In our opinion on these technical reasoning creates best swing trading opportunity, it is better to use these rallies and stay calm with earlier ITM long puts and any minor upswings can be utilized OTM put writings.
Most likely scenario: Decline to retest towards 1.5010.
Adverse scenario: Alternatively, it can even test 1.5275.
Overall now the pair is inching towards little upwards slowly, while weekly leading oscillators puzzle by signaling divergence to the dropping prices.
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FxWirePro: Swing trading opportunities in EUR/AUD’s sideway trend
Wednesday, December 23, 2015 9:15 AM UTC
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