In this EURAUD forecast, we will meticulously examine the key indicators, as well as the levels of demand and supply, to provide a comprehensive perspective on the price action of the EURAUD.
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 is currently hovering above the mid-line, suggesting that the upward trend is likely to continue.
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 is trading 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 first before continuing its rise.
The overall outlook for the EURAUD pair remains bullish unless there’s a shift in market dynamics. A potential bearish signal would be if the bears manage to close below the 4-hour pivot, which is located 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 keep an eye on the RSI and Ichimoku indicators for potential shifts in market sentiment.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.