The pair is confined within the ranges of 1.57393-1.60778 for the past 2 months.
It can be construed as ABC correction and the pair is assumed to in bull cycle.
The value of 1.57393 provided strong support to the counter and it reversed the pair from the downtrend.
A double bottom pattern formed at the formidable support of 1.57393 is actually the wave 1 and 2 of...
The pair formed a head and shoulder pattern in the hourly chart and broke out of its neckline.
The follow up rally was also intense with good momentum.
Hence we expect the pair to continue its momentum and run off to the supports at 1.58974 and 1.58569.
EURAUD just broke inverted Head & Shoulder level in hourly time frame. RSI also above 60 level mark shows bullish signs.
Buy trade can be a good idea with 1:1.5 R/R.
Target : 1.61090
EUR/AUD made a rally from its lows and completed its five wave structure.
It is due for a 3 wave correction and has completed first wave.
We expect it to pullback and then fall to the support at 1.59439.
EUR/AUD has formed an inverted head and shoulder in the 30-min chart.
It has broken the neckline too and is consolidating just above it.
Hence we expect the pair to be bullish and move to the resistance at 1.59872.
EUR AUD is trading on his Daily resistance, on other side AUD is trading on weekly support we can see a short term Aud bounce from this point , technically EUR/AUD the 1 hour right side is down with a bearish sequence. Near-term while below the the 1/24/19 highs the pair can continue lower again to correct the cycle up from the 2/22/17 lows.
Sell EUR...
EURAUD h4... THe pair has trickled down to a major key level of support 1.5800 after 2 weeks of seroius selling pressure
I am looking into h4 timeframe .. if candle closing above 1.5900 I look for buy order.. wait for h4.. candle to close above 1.5900 TP:1.6000 SL:1.58520
Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast beginning of downtrend.
Technical analysis:
A peak is formed in daily chart at 1.6780 on 01/03/2019, so more losses to support(s) 1.5670, 1.5530, 1.5345 and more depths is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic...
