EURAUD AT KEY RESISTANCE
EURAUD has seen a spike back into the key resistance zone of 1.6300 and looks to be struggling to break through the level.
Commitment of trader reports are highlighting that commerical long contracts on the AUD are building which could lead to a boost for the
commodity based currency. Combing this with the correlation of the USDCNY being at key resistance we could see a boost to the AUD.
With this market being at a resistance point it makes sense to look at this market for potential opportunities into next week.
Currently on the daily chart we can see the rejection at the resistance zone and could assume once we had the bearish close that price
could be forming a double top pattern with the neckline sitting at the key support of 1.6000. If we start to see lower lows and lower highs
form on the 4hr chart we can look for trading opportunities down to key support.
Commitment of trader reports are highlighting that commerical long contracts on the AUD are building which could lead to a boost for the
commodity based currency. Combing this with the correlation of the USDCNY being at key resistance we could see a boost to the AUD.
With this market being at a resistance point it makes sense to look at this market for potential opportunities into next week.
Currently on the daily chart we can see the rejection at the resistance zone and could assume once we had the bearish close that price
could be forming a double top pattern with the neckline sitting at the key support of 1.6000. If we start to see lower lows and lower highs
form on the 4hr chart we can look for trading opportunities down to key support.
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