Technical Analysis

EURAUD-1

EURAUD Weekly

EURAUD is bounced off strong level of weekly support with stochs at oversold territory at the moment. The support level is also in confluence with MM1 - where bear's rightfully took their profits for the month. Seeing there's still 2 more weeks left in this month, price could rally back to MPP level before end of the month.

EURAUD Daily

On daily, there's divergence on the chart and daily bullish engulfing candle close is another good indication that bulls are buying this pair. I'd go into smaller TF and look for buying opportunities.

EURAUD 4hr

On 4hr chart, price came off WM1, where bears took their profits for the week. Price also broke and closed above the trendline. I'd wait for price to retrace back to the role reversal area to go long on this pair.

2 thoughts on “EURAUD Daily Buy Setup – 17th feb 2017”

  1. Maryna says:

    Hey Joe, spot-on and I’m buying on a confirmed break of the 1.3782 with TP around 1.4972. Can be a swing trade or for day-traders to keep on buying at support levels to target.

    Happy trading!

    1. Maryna says:

      Oops, it should read 1.3872!!

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