stama13
Short

EURAUD Daily Outlook

FX:EURAUD   Euro Fx/Australian Dollar
I wish you all a happy new month and good luck trading!

The EURAUD             is in a downtrend (60min chart) and is currently under a retracement.

The retracement was expected since last week we observed positive/ bullish divergence between price and RSI indicator.

This can mean two things;

A. There will be a change of trend.
B. There is a pause/ recovery before continuing with the downtrend ( Preferred scenario)

Currently price is testing key resistance of:

Price level 1.44.
Top ichimoku hourly cloud.
Weekly pivot.

This is a good place to add some shorts with first target support zone 1.4320



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