EUR/AUD - New Rally coming?
Good morning traders, today we bring you a long-term analysis in EUR/AUD since we consider it at the beginning of an exciting situation. It is possible to make a profit.
🔸On the weekly chart, we see that the price has been in an uptrend for almost 10 years and is currently facing the lower trend line of the channel.
🔸It was consolidating in the area for a few weeks, and recently we managed to see a little upward momentum, which is a good start.
🔸If the movement consolidates, we may see a new bullish rally, with a possible target in the previous highs. If the momentum is powerful, it may reach the upper trend line of the channel. Obviously, this situation takes months to resolve.
🔸If we go to the daily chart, we can better appreciate the price action in the current zone, how the price managed to break the range in which it was moving:
🔸On the weekly chart, we see that the price has been in an uptrend for almost 10 years and is currently facing the lower trend line of the channel.
🔸It was consolidating in the area for a few weeks, and recently we managed to see a little upward momentum, which is a good start.
🔸If the movement consolidates, we may see a new bullish rally, with a possible target in the previous highs. If the momentum is powerful, it may reach the upper trend line of the channel. Obviously, this situation takes months to resolve.
🔸If we go to the daily chart, we can better appreciate the price action in the current zone, how the price managed to break the range in which it was moving:
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