Get started

Euraudbreakout

EURAUD | Perspective for the new weekSince the US Political Uncertainty that gave significant value to the AUD in the last couple of months has finally subsided, we are beginning to see traction in the value of the Euro since the Breakout of Key Level occurred on the 1st of December which has been followed by series of rejection which lasted a week plus. Tendency: Uptrend ( Bullish ) Structure: Breakout | Supply & Demand Observation: i. Since sellers were unable to push the price below AUD1.61300, it appears they have finally surrendered the momentum to the Buyers. ii. Breakout of AUD1.6300 as rendered this level a new support level for future Buying power for the EURAUD. iii. AUD1.6300 shall remain a yardstick for my buying options in the coming week(s). Trading plan: BUY confirmation with a minimum potential profit of 300 pips. Risk/Reward: 1:4.5 Potential Duration: 4 to 8 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
6
EurAud- Can it drop under support?Two days ago I was speaking about 1.6150 support and that EurAud can correct towards 1.65. This didn't happen, MORE, the pair had a false break above the triangle's resistance and now is trading just in pattern's support. With Eur "not feeling good" at all and AUD being very strong a break under this support followed by a break under 1.62 can lead to the continuation of the downtrend and we can see the pair trading under 1.6 for the first time since the pandemic.
by Mihai_Iacob
1
EurAud- Is the correction over?I was bullish EurAud ever since 1.65 and the break above 1.66 came to confirm my outlook. The break was violent and the pair skyrocketed to 1.68 in a straight line. A correction after this violent rise was normal and this gave bulls the opportunity to open long trades on dips. Now the pair found some support on 1.6650 zone which is also 50% fibo retracement and the correction could be over now. A confirmation of this outlook comes with a daily close above 1.67 and this also opens the door to further gains to my predicted target of 1.7
Long
by Mihai_Iacob
EURAUD daily breakdownEURAUD has finally broken the range and made a spike to the upside. The market looks overextended to the upside and we can look for a short anytime soon. Remember that EURAUD can continue even higher. But the market has a very high probability of testing the strong daily resistance and making it support level before continuing higher. Also, the daily support will be 0.618 fibo retracement if the market stops creating high from here. Now, to look for a short we have to see 4H turn bearish, and if the market goes and tests the 0.618 fibo the market will create a higher high. So, we can look for a long later.
Short
by rafi_trader21