The EUR/TRY has eased off from its high after a huge spike. The spike pushed the price to a level not seen since October 24. The overall trend is skewed to the upside as the price is trading above the upward trend line on a 4-hour time frame. Moreover, the price has also broken out of the symmetrical triangle pattern, generally speaking, these patterns usually break in the direction of the current trend.
In terms of moving averages, the price is trading above the 50 and 100-day moving averages (shown in green and pink respectively).
The RSI has entered in the extremely over bought zone and this calls for caution. A level of 70 shows that the price may retrace from its recent highs or at least show some consolidation. Similarly, a level of 30 shows an extreme oversold reading.
The support zone is shown by the green horizontal line
The resistance zone is shown by the red horizontal line
The AUD/USD pair has dropped to a level not seen since June 2009. The price dropped dramatically overnight before it recovered its massive losses. We have not seen this kind of intensity going back all the way to late 2014.
On a daily time frame, the price is trading below the downward trend and this confirms that the dominant trend is to the downside. Initially, the price pierced the lower line of the Bollinger band but now it has moved back into the Bollinger band which shows that the volatility has returned to the normal level. However, given the current momentum, I will not be surprised if the price may fall a little further.
The RSI is showing an extreme reading of 28.13 and this means that it is likely that the price may pause its current momentum before it resumes in the same direction or changes its path.
The support zone is shown by the green horizontal line.
The resistance zone is shown by the red horizontal line.
