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EUR/AUD intraday: the RSI is oversold

2023-10-24
1009

Our pivot point stands at 1.6620.

Our preference: rebound towards 1.6754.

Alternative scenario: the downside breakout of 1.6620 would call for 1.6572 and 1.6543.

Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.6696 and 1.6767).

Supports and resistances:

1.6811 **

1.6783 *

1.6754 **

1.6725

1.6663 last

1.6639

1.6620 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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