EUR/AUD 1H chart 1/17/2013 7:45AM EST
(click link to view chart)
EUR/AUD is in a strong bullish push after some consolidation as you can see in the screenshot (by clicking the link above). There is a break of the previous high at 1.2706. This swing came all the way from the 1.2556 level which was the bottom of the recent retracement. Quite a sharp move, maybe not the best time to play a breakout. So one idea is to wait for RSI to come back down to 50-60. A fuller retrace can take it to 40, so be prepared if the first attempt is too early. Price-wise, it should not fall below 1.2620. Preferably staying above 1.2650.
1st target is 1.2777-1.28.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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