FxWirePro: EUR/AUD to drifts below support at 1.4750, shooting star signals bearish trend reversal, retest of 88.6% fibo likely

The pair has already made more than 61.8% Fibonacci retracements from the highs of 1.6252 levels.

The current prices have again slid below 7DMA, breaking important supports with downward convergence by leading oscillators.

A bearish trend reversal signal is generated after the formation of Gravestone doji (1.5223) candle with long upper shadow on monthly plotting, in between this appearance it has not only rejected the resistance at 1.6252 but also broken major supports at 1.5457, and now on the verge of breaking 1.4793.

To substantiate this bearish stance, leading oscillators converging downwards to these price declines.

Volumes are considerably higher on every declining prices which is a confirmation to the strong bear trend.

On short term basis, if it manages to break below support at 1.4750, then we could foresee the targets upto 1.4593 levels (i.e. 88.6%).

Overall now the pair is inching southwards slowly, while monthly leading oscillators signalling downward convergence which mean long term bears are more into the business gaining momentum, so medium term speculators can go short in mid month futures for targets upto 1.4593 levels.