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Publish Date25/01/2013 05:44:42 AM
Last Update25/01/2013 06:32:46 AM
By examining the daily charts of the EURAUD pair, we have been able to locate an inverted head and shoulders pattern as seen on the provided graph. Actually, the technical story of this huge classical pattern started after placing the significant troughness of 1.16 which provided bulls with a point of reversal.
Our analysis highlights the fact that price actions had breached the sloping neckline of the classical pattern by achieving a daily closing above it and it is likely that the upside actions will gain aggressive impetus with a break above the psychological level of 1.30 aiming to challenge 1.40 boundaries later.
Click on the image for a larger view
Assessing indicators, RSI 14 points higher whilst SMA 100 continues to carry the bullish wave from the underside very well.
Stop loss should be placed around the critical support that intersects with the right shoulder.
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