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21 Jun 2013
EUR/AUD hovering below 1.44
FXstreet.com (Barcelona) -The EUR/AUD managed to finish the session with moderate gains, climbing 44 pips to close at 1.4366
Technical set up still favors the bulls
The FXstreet.com trend index remains slightly bullish on the daily chart, while the ob/os index reads extremely overbought. Price remains above both the upward sloping 9 and 20 dma’s, which is a bullish development and could help keep pullbacks limited. However, it should be noted the RSI (14) is showing multiple “bearish divergences” on the daily chart which is a sign the pair may be due for consolidation or a short term correction in the coming sessions. Initial resistance sits at 1.4414 (previous day high), while first support remains at 1.4300 (base on 1 hour chart).
Technical set up still favors the bulls
The FXstreet.com trend index remains slightly bullish on the daily chart, while the ob/os index reads extremely overbought. Price remains above both the upward sloping 9 and 20 dma’s, which is a bullish development and could help keep pullbacks limited. However, it should be noted the RSI (14) is showing multiple “bearish divergences” on the daily chart which is a sign the pair may be due for consolidation or a short term correction in the coming sessions. Initial resistance sits at 1.4414 (previous day high), while first support remains at 1.4300 (base on 1 hour chart).