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EURAUD Weekly Forex Forecast 11th November to 17th November by yshashmi37 on TradingView.com
Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1.5985 would begin in Midterm.
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 1.6355 on 10/11/2018, so more losses to support(s) 1.5605, 1.5530, 1.5425 and more depths 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 28.
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