EURAUD Upside Move

FX:EURAUD   Euro / Australian Dollar
There is a bullish pressure in higher time frames (Monthly, Weekly & Daily).
Price is above the monthly & weekly highs.
In 1H time frame, we have an uptrend which is in the correction phase and is bouncing in a sideway zone between daily levels.

There is a very strong resistance level at 1.6115 - 1.6120 which may take a while to be broken out and we might see ranging move in price for now.

Based on the uptrend and the bullish candles in higher time frames, I expect an upside breakout on the sideway zone and a rise.

On the other hand, MACD shows a negative divergence and couldn’t make any higher highs same as the price.
So, since we should always be aware of the opposite scenario, if the support level at 1.6040 broken out to the downside, there would be a high probability of falling around the weekly high (1.5970).
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false breakout
+1 Reply
We are going dwn ms
+1 Reply
Great job here:)
Strong analysis, keep up the good work. 🙌
excellent analysis. you are well done. good job
Lovely chart tho n very clean
How u doing
We also have a long bias on this pair, thanks for sharing!
possible :) will see how the lower time frame develops thx