EUR/AUD in Double Top Attempt; Failure Opens up Triangle Resistance at 1.39 - ForexSQ

Posted by Forexsq 175 days ago (http://www.fxtimes.com)

Forex Analysis - There is also bearish divergence with the 1H RSI, and the market is has been trading at the upper band of the bollinger band (using 3 std deviations from 200SMA). The failure to do it in the current bullish attempt spells a slow down to the rally, and possible topping. There is also a double top attempt spotted, but it has not been confirmed as price action still struggles to break the base near 1.3735.
Both the Euro and Aussie have been weak against the USD and JPY in this risk-off environment we have in November. But the Aussie has been the weaker currency and the EUR/AUD has been in a bull run since Nov.1. As we near the end of the month, we are again getting some signals of topping. The 1H chart shows a market that has been persistent as it has maintained the RSI reading above 40 and has tagged 70. We are now testing 40 again, but so far it is holding.