EURAUD recorded decent gains in the past month, crossing above its 50- and 200-day simple moving averages (SMAs) to touch 1.6260, a high last seen in January. The short-term picture thus seems positive, though for the medium-term outlook to turn positive too, a break above 1.6350 is required. Short-term momentum indicators, however, suggest the rally may be losing steam. The RSI seems to have flattened near its 70 zone, while the MACD appears ready to drop below its red trigger [..]
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