The EUR/AUD is coming off a record low at 1.1605 and has been in a sideways market during August as shown in the 4H chart. Note that the RSI reading in the 4H chart is at 60. A break above suggests loss of the bearish momentum that has held the market since this current bear run that started at the end of May. In a sense the “bearish-momentum-resistance” is being tested. Price is also about to test the August consolidation resistance at 1.1770. If the current bearish trend continues, this may be a good place for resistance, at least to push price back to the middle of recent action, at about 1.1690... (full story)