EURAUD | Daily | OutlookLooking at EURAUD from a purely technical observation we can take note of the fact that the EURAUD has broken out of our long standing bullish monthly trend line which has started to point us towards a new bearish sentiment/bias in the long term, now looking further into it we can also notice that on top of breaking out of our monthly bullish trend we can notice that on our weekly chart we’ve also managed to identify the breakout of an ascending channel which was formed on the weekly chart further adding on to our newly founded bearish sentiment/bias.
Now with all that said we look further down moving to our daily time frame we can see that at the beginning of the year EURAUD found some support at our 1.61213 level after the market broke out of our ascending channel in November last year and started trading upwards where we saw that bullish momentum take a pause when the market reached our 1.66xxx & 1.668xx respective area creating what looks like a consolidation between the 1.668xx and 1.635xx levels which is now our current trading range.
With the above observation in mind we can see EURAUD bounce off near the top of our range at 1.66xxx where we can expect EURAUD to push downward a bit to bounce off the bottom of our current minor range before pushing up to our 1.712xx to 1.72xxx respective area where we’ll look towards the market creating a new resistance which will further confirm our overall bearish sentiment which we’ll be looking to take advantage of over the long term.
Please note that the current analysis and observation is comprised solely of my own personal opinion, sentiment and bias of the market; so please be sure to confirm with your own analysis before taking any trading decisions based on the above information as I am not liable for any profit or loss you may incur while using the provided information.
