Bonjour traders!
Since February 23 of 2017, EURAUD has hit a major support area where bears could not sell passed that area hence bulls have been buying the EURO against AUD. Price also reached the same support level in April 28, 2015 and made a reversal. From this, I can say that price is set up for a good bullish trend so Aussie bears can take a look at my trade plan for opportunities to buy EUR and sell Aussie Dollar.

EURAUD Daily

5 and 8 are flat. 21 is below 55. Stochastic is pointing up. Bulls have been buying at MS2 hence MPP is the target. Support at MS2/ 1.37000 and resistance at 1.39000, MS1/1.39500 and 1.40500. Do not omit dynamic resistance at 21 and 55 EMAS. Look for opportunities to buy on lower time frames.

EURAUD H4

Price has broken the 21 an d 55. The market and price are both flat. The stochastic is kissing. It seems like price is a bit ranging between WM3/MM1 and WPP. Since I am a bull, I will wait for price to break out above WM3/MM1 before looking at small time frames and buy the pair with WR2 as target. Support at WPP and resistance at WM3, WR1 and 1.39000. MS1 is below WR2.

EURAUD H1

Price opened between DM3 and DPP. As mentioned earlier it is in consolidation. MM1 is below DPP. Resistance identified between MM1 and DR1 and support at DPP. One can trade this buy buying at support and selling at resistance OR wait for price to break through resistance, retrace than buy with DR2 as target because bulls have been buying at DPP. It should also be noted that WR1 is below DR2. Stochastic is pointing down.

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