EURAUD
Seems to have many time frames aligning to a possible move up. If the week starts bullish and we can break through the resistance we're currently at it should be relatively green for the rest of May. Monly:
is still in an uptrend with price being supported by the 10 SMA and this being above the 30 & 200 SMA's. Just tested the 0.382 level which lines up with a strong support zone and the monthly is on a green 5 indicating we could get another 4 months to the upside.
Weekly:
topped on a 9 and corrected fairly sharply back to support. Could be finished correcting since we're getting a nice bounce off the strong support zone which is lining up with the 30SMA. Still in an uptrend with 10 SMA above 30 and 200 SMA although sine the prie is below the 10 it's a no trade on the weekly for me.
Daily:
treding down in a paralell channel currently being supported by the 200 SMA and looking like it test the top of the channel and regain the 10 & 30 SMA. If it breaks the channel the target would be between 1.78-1.79
4Hour:
seems to have formed a double bottom, currently at resistance as marked out by the red rectangle. If we break through that the next significant area of resistance would be around 1.71 - 1.715 which is where the previous swing high lines up with the 200 SMA.
Comment:
Possibly a nice low timeframe entry coming up if my EW count is correct and price bounces off the 0.382 fib which is lining up with prior resistance.