The EUR/AUD FINALLY completes a H&S pattern, that went into play late March of this year.
Notice the divergence in relative strength (RSI) on this last low (today). This pair is poised for an oversold bounce after completing long term pattern.
Blake Morrow
Chief Currency Strategist, Wizetrade
The EUR/AUD is close to being bullish. On the Morning EDGE webinar we have been monitoring the yellow downtrend line for the last several weeks. Knowing that the market is currently playing the Head and Shoulder’s pattern (toward 1.41xx) there is a risk the market may be caught short on a break above 1.4560 (previous support – red line).
A break above 1.4560 may create a short squeeze higher in the pair.
Blake Morrow
Chief Currency Strategist, Wizetrade
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