Technical analysis for EURAUD. I am a bull on AUD.
EURAUD - Daily
Market (21 above 55) is flat. Price (8 above 5) is flat. Stochastic is starting to turn to the upside indicating that market might be running out of bears to push price down. Price has found support at MPP/1.39 that also coincides with the 50.0 Fib level. The monthly pivot points opened between MPP and MM2, the bull buy zone and bulls will be looking to push price up to the bulls monthly profit target, MM4 which also coincides with 138.2 fib level (50.0 fib level profit target). Resistance levels are 1.41/1.414/MR1, 1.425/1.43 and MM4/1.44.
EURAUD - H4
Market (21 above 55) is flat. Price (5 above 8) is bullish. Stochastic is almost at oversold. Because the 21/55 is flat I am using the range trading strategy and will look to sell at the top of the range, WM3/1.405/MM3 with a overbought stochastic. My target is the bottom of the range WM2/1.39/MPP. Other resistance levels I have identified is 1.41/WR1 and 1.415.
EURAUD - H1
Market (21 above 55) is bullish. Price (5 above 8) is bullish. Stochastic is moving up (bullish). As per my H4 chart I am looking to sell this pair at the top of the range, WM3/1.405/MM3 with an overbought stochastic. When price reach the resistance level, I will look at my M5 chart for lower lows and lower highs before selling.