EUR/AUD intraday: the RSI is oversold

EURAUD

Trading Central 2021-02-20 04:46:11

1.5362 is our pivot point.

Our preference: rebound towards 1.5472.

Alternative scenario: below 1.5362, expect 1.5326 and 1.5304.

Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (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 1.5425 and 1.5498).

Supports and resistances:

1.5515 **

1.5493 *

1.5472 **

1.5450

1.5404 last

1.5377

1.5362 **

Disclaimer

The trading strategy containing reference trading prices and analysis opinions is provided by the third-party provider Trading Central.And the trading strategy is only the personal research and judgment by analysts,which is not a statement of facts.No representation or warranty is given as to the accuracy or completeness of this strategy. Consequently any person acting on it does so entirely at their own risk. TOP1 accepts no responsibility for any use that may be made of these comments and for any consequences that result.