EUR/AUD – Price jumped above 1.62000

The EUR/AUD on the hourly time frame has been following an uptrend recently. The price jumped above the key level of 1.62000 on 14 November to reach the highest level of the period under study at 1.62663. Bulls are pushing the price higher as key technical indicators are supporting the bullish trend. As of writing, the price is hovering around 1.62320 with positive MACD and price above 200-period simple moving average.
The hourly chart of the EUR/AUD confirms the positive sentiment in the price movement as the currency pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is above the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the currency pair. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment.
An alternative scenario, key support level lies at 1.60516. Bears must break this level in order to regain bearish sentiment in the market.