Can EURAUD go back to the upside?
After rebounding from the 200-day EMA in mid-June and moving strongly higher, EURAUD is now trading above a short-term tentative upside support line drawn from the low of June 15th. At the same time, the rate is stuck in short-term range, roughly between the 1.6258 and 1.6555 territories. In order to examine the next short-term directional move, a break through one of the sides of that range would be needed.
A pop above the 1.6555 barrier may open the door to some higher areas, as a forthcoming higher high would be confirmed. We could then target the highest point of April and the current highest point of 2023, at 1.6787.
Alternatively, a break of the aforementioned upside line and a fall below the 1.6258 hurdle could invite more sellers into the game. EURAUD might then travel 1.6097 zone, or even to the 200-day EMA.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
A pop above the 1.6555 barrier may open the door to some higher areas, as a forthcoming higher high would be confirmed. We could then target the highest point of April and the current highest point of 2023, at 1.6787.
Alternatively, a break of the aforementioned upside line and a fall below the 1.6258 hurdle could invite more sellers into the game. EURAUD might then travel 1.6097 zone, or even to the 200-day EMA.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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