EURAUD SHORT
Take Profit 1 - 1.6685
Take Profit 2 - 1.6635
Take Profit 3 - 1.6585
Stop loss - 1.6865
The EURAUD pair has been in a bearish trend for the past few weeks, and it is currently trading near the bottom of its range. The current spot rate is 1.6765, and a sell entry point of 1.6765 is just above the recent low of 1.6755.
There are a few reasons why EURAUD could continue to fall in the near term. First, the EUR is generally seen as a safe haven currency, and it has been weakening against the AUD in recent weeks as concerns about the global economy have grown. Second, the European Central Bank is expected to raise interest rates more slowly than the Reserve Bank of Australia, which could put downward pressure on the EUR against the AUD. Finally, the European economy is expected to grow more slowly than the Australian economy in the near term. This is due to a number of factors, including the impact of the war in Ukraine on the European economy.
Technical analysis:
From a technical perspective, the EURAUD pair is trading below its 200-day moving average, which is a bearish signal. The pair is also forming a bearish descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The European economy is expected to grow more slowly than the Australian economy in the near term. This is due to a number of factors, including the impact of the war in Ukraine on the European economy. However, the European Central Bank is expected to raise interest rates more slowly than the Reserve Bank of Australia, which could put downward pressure on the EUR against the AUD.
Risks:
There are a few risks to consider before entering a trade on EURAUD. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the EURAUD pair. Second, the Reserve Bank of Australia is expected to raise interest rates more quickly than the European Central Bank, which could put downward pressure on the AUD against the EUR. Finally, the European economy is facing some headwinds, such as the war in Ukraine and the ongoing trade tensions with China. These headwinds could weigh on the EUR and lead to a decline in the EURAUD pair.
Overall:
I think EURAUD is a good pair to trade for those who are looking for a short-term bearish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on EURAUD:
The economic outlook for the Eurozone and Australia.
The level of volatility in the forex market.
The price of commodities, such as oil and other manufactured goods.
Take Profit 2 - 1.6635
Take Profit 3 - 1.6585
Stop loss - 1.6865
The EURAUD pair has been in a bearish trend for the past few weeks, and it is currently trading near the bottom of its range. The current spot rate is 1.6765, and a sell entry point of 1.6765 is just above the recent low of 1.6755.
There are a few reasons why EURAUD could continue to fall in the near term. First, the EUR is generally seen as a safe haven currency, and it has been weakening against the AUD in recent weeks as concerns about the global economy have grown. Second, the European Central Bank is expected to raise interest rates more slowly than the Reserve Bank of Australia, which could put downward pressure on the EUR against the AUD. Finally, the European economy is expected to grow more slowly than the Australian economy in the near term. This is due to a number of factors, including the impact of the war in Ukraine on the European economy.
Technical analysis:
From a technical perspective, the EURAUD pair is trading below its 200-day moving average, which is a bearish signal. The pair is also forming a bearish descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The European economy is expected to grow more slowly than the Australian economy in the near term. This is due to a number of factors, including the impact of the war in Ukraine on the European economy. However, the European Central Bank is expected to raise interest rates more slowly than the Reserve Bank of Australia, which could put downward pressure on the EUR against the AUD.
Risks:
There are a few risks to consider before entering a trade on EURAUD. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the EURAUD pair. Second, the Reserve Bank of Australia is expected to raise interest rates more quickly than the European Central Bank, which could put downward pressure on the AUD against the EUR. Finally, the European economy is facing some headwinds, such as the war in Ukraine and the ongoing trade tensions with China. These headwinds could weigh on the EUR and lead to a decline in the EURAUD pair.
Overall:
I think EURAUD is a good pair to trade for those who are looking for a short-term bearish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on EURAUD:
The economic outlook for the Eurozone and Australia.
The level of volatility in the forex market.
The price of commodities, such as oil and other manufactured goods.
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.