After the large double bottom that took 6 months to complete back in 2022 and the break of the neckline in October, EurAud reached a high at 1.6 and started to correct and consolidate.
Now the pair is trading near support again and traders could look for buying opportunities in this zone.
Considering the importance of the break I don't think the H&S from October will play and I favor range trading for this pair.
As I said, the bottom of this range is in the 1.53 zone and swing traders could target 1.6 for their trades.
1.5650-1.5700 is also resistance.
This outlook is negated by a drop under the neckline that should offer support at this point.
Now the pair is trading near support again and traders could look for buying opportunities in this zone.
Considering the importance of the break I don't think the H&S from October will play and I favor range trading for this pair.
As I said, the bottom of this range is in the 1.53 zone and swing traders could target 1.6 for their trades.
1.5650-1.5700 is also resistance.
This outlook is negated by a drop under the neckline that should offer support at this point.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.