EUR/AUD HEADS HIGHER AS PRICE APPROACH AUGUST 12 RESISTANCE

September 22/2021


For the sake of negative news that surrounds the Australian iron production affairs, and the ongoing lock down assigned by the Australian government which causes few restriction in free movement that also leads to the slowing economy functionality of the Australian dollar.


Yet on the other hand the euro has been outperforming the aud in the past few weeks. Hence the general market structure for the EUR/AUD signify a bullish trend. Unlike the market sentiment for other cross currency pairs it's most likely the EURAUD will encounter some few corrections before heading higher.

From an indicator analysis standpoint it should be noted that the following indicators represent significant bullish bias setups on the daily time chart;


The RSI indicator was seen at 55.5
Stochastic (9,6) 71.8 illustrate a strong buy signal
MACD (12,6) indicate strong buying signal
ATR value is accurately indicating less volatile market condition



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