🧠 Technical Overview:
The chart shows EURAUD trading within a falling wedge pattern — a classic bullish reversal formation.
Price has respected the wedge boundaries multiple times, indicating strong technical structure.
There is also a highlighted demand zone (marked in yellow) around 1.76500–1.77000, which has acted as previous support and resistance.
🔎 Key Elements:
✅ Falling Wedge Pattern
Bullish pattern, suggesting a potential breakout to the upside.
Price is near the bottom of the wedge, making it a good risk-reward zone for a long (buy) position.
A breakout above the wedge resistance would confirm bullish sentiment.
🟨 Horizontal Resistance Zone: 1.7650–1.7700
This zone has acted as a key resistance in the past.
If price breaks out of the wedge, this is the logical target area.
Traders may consider taking partial profits here or watching for rejection signals.
📈 Trading Plan (Example Idea):
Entry (Buy):
Consider buying near the lower wedge support, ideally with a bullish candlestick pattern.
More conservative entry: wait for a break and close above the wedge resistance.
Target:
First target: 1.7650–1.7700 (yellow zone)
Second target (if momentum is strong): possible continuation toward 1.7850+
Stop Loss:
Below the most recent swing low, ideally under 1.7200 for a safe buffer
⚠️ Risk Considerations:
A breakdown below the wedge invalidates the bullish idea.
Watch for AUD strength due to upcoming Australian data or China-related sentiment.
Don’t trade without confirmation (e.g., bullish engulfing candle, volume spike, etc.)
📌 Summary:
Pattern: Falling Wedge (Bullish)
Bias: Bullish – potential breakout and move toward 1.7700
Key Levels:
Support: 1.7200
Resistance: 1.7700
Action: Wait for wedge breakout confirmation or buy near lower boundary with tight stop.
The chart shows EURAUD trading within a falling wedge pattern — a classic bullish reversal formation.
Price has respected the wedge boundaries multiple times, indicating strong technical structure.
There is also a highlighted demand zone (marked in yellow) around 1.76500–1.77000, which has acted as previous support and resistance.
🔎 Key Elements:
✅ Falling Wedge Pattern
Bullish pattern, suggesting a potential breakout to the upside.
Price is near the bottom of the wedge, making it a good risk-reward zone for a long (buy) position.
A breakout above the wedge resistance would confirm bullish sentiment.
🟨 Horizontal Resistance Zone: 1.7650–1.7700
This zone has acted as a key resistance in the past.
If price breaks out of the wedge, this is the logical target area.
Traders may consider taking partial profits here or watching for rejection signals.
📈 Trading Plan (Example Idea):
Entry (Buy):
Consider buying near the lower wedge support, ideally with a bullish candlestick pattern.
More conservative entry: wait for a break and close above the wedge resistance.
Target:
First target: 1.7650–1.7700 (yellow zone)
Second target (if momentum is strong): possible continuation toward 1.7850+
Stop Loss:
Below the most recent swing low, ideally under 1.7200 for a safe buffer
⚠️ Risk Considerations:
A breakdown below the wedge invalidates the bullish idea.
Watch for AUD strength due to upcoming Australian data or China-related sentiment.
Don’t trade without confirmation (e.g., bullish engulfing candle, volume spike, etc.)
📌 Summary:
Pattern: Falling Wedge (Bullish)
Bias: Bullish – potential breakout and move toward 1.7700
Key Levels:
Support: 1.7200
Resistance: 1.7700
Action: Wait for wedge breakout confirmation or buy near lower boundary with tight stop.
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.
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.