From my previous analysis on EURAUD, I said it may push to the upside from the daily support, but in last week, price break below it and may retest the weekly support in the next week.
From the COT perspective, hedge funds are bullish bias on EUR, since they already added around 5k of long positions on EUR, and increasing in the net positions, so the stronger the EUR is expected. From the AUD perspective, hedge funds are still interested in buying or selling on AUD, but we can see AUD is strong in the last few weeks, this implied they want to sell the AUD at a higher price, that why we can see AUD keeps pushing to the upside.
I will be monitoring the 4h price action inside the weekly resistance if there has shown any confirmation inside this area, then I will take a long position on EA with a good risk-reward.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
From the COT perspective, hedge funds are bullish bias on EUR, since they already added around 5k of long positions on EUR, and increasing in the net positions, so the stronger the EUR is expected. From the AUD perspective, hedge funds are still interested in buying or selling on AUD, but we can see AUD is strong in the last few weeks, this implied they want to sell the AUD at a higher price, that why we can see AUD keeps pushing to the upside.
I will be monitoring the 4h price action inside the weekly resistance if there has shown any confirmation inside this area, then I will take a long position on EA with a good risk-reward.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.