The EURAUD cross has failed to rise to new highs yet again and dropped on Thursday as it was trading 0.20% weaker at around 1.6290.
Bulls appear to be unable to push the cross above 1.6350, where the key resistance of previous highs is located. Therefore, the two hour chart looks like a triple top pattern, which is a bearish reversal formation. As long as the price remains below this level, the outlook could be bearish.
The first stop for bears might be at previous highs near 1.6250 and if this support cracks, further depreciation toward 1.6150 could occur. The Australian dollar remains heavily oversold against the greenback and therefore some relief rally could happen, which might help the Aussie against the euro as well.
On the upside, should bulls finally manage to push the price above 1.6350, the upward trend would be confirmed, with the next target possibly at around 1.6580, where August 2015 highs are located.
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