1. **Support and Demand Zone**: EUR/AUD is currently within a buying zone, specifically situated in a support and demand area spanning from 1.65560 to 1.65680. This suggests a region where buyers are likely to enter the market, indicating a favorable area for initiating long positions.
2. **Trader Sentiments**: The sentiment among traders for EUR/AUD reveals that 62% of traders are holding long positions, while 38% are holding short positions. This sentiment leans towards the bullish side, implying a positive outlook for the pair.
3. **Technical Analysis Indicators**:
- Daily Summary: The daily summary indicates a strongly bullish sentiment, with 15 buy signals, 9 neutral signals, and only 1 sell signal.
- Moving Averages: There is a strong buy signal in the moving averages, with 15 buy signals, 1 neutral signal, and 0 sell signals.
- MACD, Momentum, Bull Bear Power, CCI, RSI, ADX, Stochastic, Stochastic RSI: All these indicators are signaling buy opportunities, reinforcing the bullish bias.
- ATR (Average True Range) and Average Intraday Range %: These indicators suggest a high level of volatility, with an average intraday range of 91.61%, indicating ample trading opportunities.
- EMA (Exponential Moving Average) and SMA (Simple Moving Average): Both EMA and SMA (ranging from 10 to 200) are indicating a buy signal.
- HMA (Hull Moving Average): The HMA (9) is also signaling a buy.
4. **Trade Targets**: According to your analysis, there are two target prices set, with a target of 113.1 pips. These targets provide clear objectives for traders and help in managing risk and profit-taking strategies.
In conclusion, the technical analysis, combined with trader sentiments, suggests a strongly bullish outlook for EUR/AUD. The current positioning within the buying zone and support and demand area indicates a favorable opportunity for long positions. Additionally, the plethora of buy signals across various technical indicators reinforces the bullish bias. Traders should monitor the trade closely and adhere to risk management strategies, considering the high volatility indicated by ATR and average intraday range %.
Comment:
TP 1 HIT
Trade closed manually