EURAUD Forecast – Aussie Challenges the Pivot

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In this EURAUD forecast, we will meticulously examine the key indicators and the demand and supply levels to provide a comprehensive perspective on the EURAUD’s price action.

EURAUD Forecast – Aussie Challenges the Pivot

FxNews – The EURAUD currency pair has recently made a significant move by breaking the bearish channel from above. This has resulted in a close above the 1.6642 resistance level, marking a potential shift in market dynamics. The RSI indicator hovers above the mid-line, suggesting that the upward trend will likely continue.

EURAUD Forecast - Aussie Challenges the Pivot

EURAUD Forecast – Aussie Challenges the Pivot

The next targets for this uptrend are 1.678 and, subsequently, 1.712.

When we delve deeper into the 4-hour chart, our daily EURAUD forecast is further reinforced. The currency pair trades above the Ichimoku cloud, indicating a bullish market sentiment. However, it’s worth noting that the RSI indicator is in the overbought area. This suggests that there might be a temporary pause in the upward momentum. As such, the currency pair might test the Ichimoku cloud before continuing to rise.

EURAUD Forecast - Aussie Challenges the Pivot

EURAUD Forecast – Aussie Challenges the Pivot

The overall outlook for the EURAUD pair remains bullish unless market dynamics shift. A potential bearish signal would be if the bears close below the 4-hour pivot at 1.654.

In conclusion, our EURAUD forecast indicates a bullish trend with potential resistance levels at 1.678 and 1.712. However, traders should monitor the RSI and Ichimoku indicators for possible shifts in market sentiment.

  • 13 October 2023