EUR/AUD, the bulls rules!
As I wrote in my yesterday’s EUR/AUD analysis, 3 days attack on the 1.4170/80 level was sucessfull at the end and euro broke that resistance today, after wich the pair have reached daily strong down trendline at 1.4310/20. The pair stopped there for two hours, broke trendline and move higher again to the 1.4391 high for now. The pair tested trendline from the outer side for 4 hours and that level has defended successfuly, still looking bullish but…what comes next? Infront of the pair there is several resistance areas now. First one is daily MA200 at 1.4415, then comes resistance area 1.4450, the previous strong support from February and there is daily MA100 as well, at the 1.4465 today. This will be the real test for the bulls, it wan’t be easy now, watch that levels.
It has been a really good week for the EUR/AUD bulls as the market has moved over 350 pips. The daily chart has broken out long from the 20 period Donchain Channel. The next level that it has to contend with is the 200 SMA followed by the 100 SMA. Kumo is quite thick now and in the future so it maybe that this rally will be constrained to a move not much above the 100 SMA.
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