EURAUD Secondary High (D)
Created on Thursday, 11 February 2016 11:49
Written by Austin Galt
The EURAUD has finally traded back up to over 1.60 which was the expectation outlined in previous analysis so let’s quickly review the situation using the daily chart.
EURAUD DAILY CHART
Since previous analysis price continued south before putting in a low and rally all the way back to a high today at 1.6255 which I believe to be the major secondary high. If not, then only marginally higher.
The Fibonacci retracement levels show this bear rally has been deep in falling just short of the 88.6% level.
The Fibonacci Fan shows this high around resistance from the 88.6% angle.
The Bollinger Bands show this high traded well above the upper band which is consistent with solid tops.
The RSI and MACD indicators are both showing bearish divergences at this high.
Summing up, I believe conditions are right to call this a secondary high and expect a solid move down from here with targets for that move outlined in previous analysis.