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EUR/AUD intraday: the RSI is oversold

2023-10-25
922

1.6612 is our pivot point.

Our preference: rebound towards 1.6746.

Alternative scenario: the downside breakout of 1.6612 would call for 1.6564 and 1.6535.

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 above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.6686 and 1.6757).

Supports and resistances:

1.6803 **

1.6774 *

1.6746 **

1.6717

1.6657 last

1.6631

1.6612 **

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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