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EURAUD, Time frame: 1DEUR/AUD continues to trade within a well-defined descending channel, with a clear sequence of lower highs and lower lows guiding price action since June. Recent recovery attempts have repeatedly failed near channel resistance, keeping the broader bearish structure intact.
50-SMA Acts as Dynamic Resistance
The 50-period SMA near 1.6301 continues to cap rallies and reinforce the bearish trend structure.
The chart highlights multiple rejections from the moving average, suggesting sellers are consistently defending this area. The latest rally stalled near the 50-SMA before rotating lower, maintaining the pattern of lower highs.
Price Tests Channel Support
EUR/AUD is currently trading around 1.6050, near the lower boundary of the descending channel. This area has attracted buyers on previous occasions and remains the key near-term support zone.
The highlighted green circle shows a recent reaction from this area, although the rebound remains limited compared to previous recoveries.
Lower Highs Maintain Bearish Pressure
Each rally since July has failed both the channel resistance and the 50-SMA. This consistent pattern of lower highs suggests the downtrend remains firmly in place despite occasional rebounds from support.
RSI
The RSI is currently around 39.8, remaining below the neutral 50 level. While momentum has improved from oversold conditions seen in September, it remains relatively weak and continues to favour the broader downtrend
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