EURAUD
on Daily time frame has been largely in a sideways market for a long time and has now moved into a triangle set up, approaching the climax. We have seen in the previous analysis on H4 charts that price sitting below the 50 period moving average and chart showing a descending triangle formation, more likely a short setup, awaiting price action In the daily chart, price seems to sitting just below the 50 day Moving average and looks like a Doji formation with a red candle so far, need to wait for market close to loo at the final candle formation.
ADX DI indicator shows currently DM+ is above DM- which indicates upward price movement, however ADX that measures the strength of current trend indicates the trend is till weak, also adding the support to current candle formation of a Doji.
In effect, to sum up, sideways daily time frame market with weak positive trend and a H4 chart with descending triangle, short set up likely
Please see link below for the analysis for H4 chart for your reference
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Comment:
As discussed, Price after being rejected from the resistance level, now hitting the support level and bouncing thus far, wait for more cues
