The Aussie dollar has been one of the best performers this year. It has seen gains against major currencies. With the likelihood of the ECB maintaining its stance when it meets for the rate decision tomorrow, their QE program continues in a bid to maintain the momentum of its efforts to raise inflation in the Euro zone.

EurAud Daily Chart

Price opened at 1.38075 within the bull area zone at the beginning of the month. It then went on to retest 1.4000 at the role reversal making a lower high. With market action moving averages signaling a strong bearish sentiment and overbought stochastic, it is poised for a move further down.

EurAud H4 Chart

Price has been ranging for the most part of yesterday with the 21 moving average and key support at the weekly pivot holding. should price break down beyond the market action moving averages I will be confident enough to look for more selling opportunities. Take note of the overbought stochastic.

Price is currently at resistance retesting for the third time now. The 21 and 55 market action moving averages are flat though a cross to the downside is imminent.

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