EURAUD: Relative Strength Index In A Rising Channel
EURAUD is stuck between strong support at 1.4445 and resistance at 1.4604. The pair can not seem to break below the support here and the 100 period SMA is holding it down. A break to the upside here may be short lived as it reaches resistance and the broken trend line at around 1.4800.
The RSI is rising in a nice up channel and a break in either direction will give us some clues soon. If the RSI break the bottom channel line then I would look for the support to break shortly after if it hasn't yet. If the EURAUD breaks to the upside and the RSI continues to move higher within the channel then I would seriously look at a short in the 1.4800 area.
EURAUD 4 HR Relative Strength Index Chart
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