EUR/AUD: Signalling as topped out from resistance level

Earlier pair was heading north side and was trading above all the major and minor EMA lines where bulls were dominating the bears at every nook and corner but after arriving at key resistance level of 1.6750 level bulls could not sustained and slipped on the same day with the formation of gravestone doji candlestick which is generating bearish signal.

In our previous report we also mentioned to buy it from 1.6000 level for the target of 1.6500 and 1.6750 level and our both target achieved we are expecting that our readers must have made profit from this move. Now it’s time to change the side as pair is overbought so we should suggest that go for sell at current levels 1.6460 level for the target of 1.6250 and 1.6000 with the tight stop loss of 1.6750 level.

A daily closing below 1.6390 level will give us further confirmation of bearishness. Well the way bears have snatched the bite from bull’s mouth it seems like bears are going to rock for further sessions as pair is already trading between the crossed moving average lines. Yesterday we have witnessed a big bearish marabuzo candlestick in the form of bearish engulfing candlesticks which is providing us bearish signal.

Odds are in favor of bears and intraday bias remains bears on the pair as long as 1.6750 levels remains intact. The way bears are reacting it seems like they are approaching the 1.6000 level and it has topped out.

A bearish crossover on MACD indicator is generating bearish signal and RSI is also providing us bearish signal.The 1.6250 is immediate support level followed by 1.6100 level whereas 1.6600 level is immediate resistance level followed by 1.6750.