Good morning, traders! Today, we will analyze EUR/AUD in multiple time frames to explain why we consider upside potential for the short term.
🔸Based on the technical context, we see that the price is in a short-term uptrend.
🔸Recently, there was a bounce in the support zone that gave a possible completion to the current price correction.
🔸If this is the bottom, what we are looking for is the following:
This is the 4H chart.
🔸The downtrend line is broken, and the price is now consolidating.
🔸What we expect is a break from the current consolidation. If this happens, the price may seek the resistance zone.
🔸Based on the technical context, we see that the price is in a short-term uptrend.
🔸Recently, there was a bounce in the support zone that gave a possible completion to the current price correction.
🔸If this is the bottom, what we are looking for is the following:
This is the 4H chart.
🔸The downtrend line is broken, and the price is now consolidating.
🔸What we expect is a break from the current consolidation. If this happens, the price may seek the resistance zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.