EUR/AUD 4-Hour Chart Analysis
Key Observations:
1. Support Zone:
- The price is currently retesting a key support zone around 1.6540–1.6565, which previously acted as a demand zone.
2. Trendline Break:
- The uptrend has been invalidated with the break of the ascending trendline, suggesting a potential shift in momentum to neutral or bearish.
3. Key Levels:
- Resistance Above: Potential resistance can be seen near 1.6650–1.6700, in case of a bullish retracement.
- Support Below:
- 1.6359 (first support level).
- 1.6199 (major support).
- 1.6018 (long-term support zone).
4. Possible Price Movements:
- A bullish rebound from the current support zone or a bearish continuation if the price breaks below it.
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Trading Scenarios:
1. Bullish Rebound:
- If the price holds above the 1.6540–1.6565 zone, it may attempt a recovery toward the previous highs.
- Entry: Above 1.6570
- Targets: 1.6650, 1.6700.
- Stop-Loss: Below 1.6530.
2. Bearish Breakdown:
- A decisive break below 1.6540 may open further downside toward the lower support levels.
- Entry: Below 1.6530.
- Targets: 1.6359, 1.6199, 1.6018.
- Stop-Loss: Above 1.6570.
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- Wait for clear confirmation (e.g., a strong candle close) before entering a trade to avoid false breakouts.
- Use proper risk management with clearly defined stop-loss and take-profit levels.
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**Disclaimer**:
This analysis is for informational purposes only and does not constitute financial advice. Trading involves substantial risk, and past performance is not indicative of future results. Always conduct your own research and consult a financial advisor before making investment decisions. Trade responsibly.
1. Support Zone:
- The price is currently retesting a key support zone around 1.6540–1.6565, which previously acted as a demand zone.
2. Trendline Break:
- The uptrend has been invalidated with the break of the ascending trendline, suggesting a potential shift in momentum to neutral or bearish.
3. Key Levels:
- Resistance Above: Potential resistance can be seen near 1.6650–1.6700, in case of a bullish retracement.
- Support Below:
- 1.6359 (first support level).
- 1.6199 (major support).
- 1.6018 (long-term support zone).
4. Possible Price Movements:
- A bullish rebound from the current support zone or a bearish continuation if the price breaks below it.
---
Trading Scenarios:
1. Bullish Rebound:
- If the price holds above the 1.6540–1.6565 zone, it may attempt a recovery toward the previous highs.
- Entry: Above 1.6570
- Targets: 1.6650, 1.6700.
- Stop-Loss: Below 1.6530.
2. Bearish Breakdown:
- A decisive break below 1.6540 may open further downside toward the lower support levels.
- Entry: Below 1.6530.
- Targets: 1.6359, 1.6199, 1.6018.
- Stop-Loss: Above 1.6570.
---
- Wait for clear confirmation (e.g., a strong candle close) before entering a trade to avoid false breakouts.
- Use proper risk management with clearly defined stop-loss and take-profit levels.
---
**Disclaimer**:
This analysis is for informational purposes only and does not constitute financial advice. Trading involves substantial risk, and past performance is not indicative of future results. Always conduct your own research and consult a financial advisor before making investment decisions. Trade responsibly.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.