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EURAUD Weekly Forex Forecast 28th October to 3rd November by yshashmi37 on TradingView.com
Midterm forecast:
While the price is below the resistance 1.6355, beginning of downtrend is expected.
We make sure when the support at 1.5985 breaks.
If the resistance at 1.6355 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 1.6354 on 2018-09-11 and the peak at 1.6357 on 2018-10-11, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
While the RSI downtrend #2 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 1.6431 on 10/11/2018, so more losses minimum to Major Support (1.5985) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 44.
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