EURAUD: The price is still moving inside the DESCENDING CHANNEL!
Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis📈 and Trading Tips📉, support the idea hitting the LIKE👍 button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!
🟢Forex Pair:
EUR/AUD
⚪Technical Analysis:
In the weekly chart, since July 2012, the price has been moving following a strong trendline, bouncing again in February 2017 and it's now approaching to retest the same dynamic trendline.
In the daily perspective, at the end of December, the price got few rejections on the resistance level at about 1.61683, and a strong impulse moved the price down.
In the h4 chart we can properly see how the price is following a clear descending channel, bouncing up and down on its dynamic S/R levels.
During the last session the price closed with a down pin bar just around the dynamic resistance of the channel, it could be a clear sign of a trend continuation.
The next price action will be essential to confirm our pattern and the next market movement.
🔴Conclusion: ✔️
The price is absolutely in an interesting area and I'm really confident to see it moving with a bearish movement trying to reach the next dynamic support of the channel and eventually the main weekly trendline.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
Please note the views are not investment advice and should be used only for educational purposes
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/AUD
⚪Technical Analysis:
In the weekly chart, since July 2012, the price has been moving following a strong trendline, bouncing again in February 2017 and it's now approaching to retest the same dynamic trendline.
In the daily perspective, at the end of December, the price got few rejections on the resistance level at about 1.61683, and a strong impulse moved the price down.
In the h4 chart we can properly see how the price is following a clear descending channel, bouncing up and down on its dynamic S/R levels.
During the last session the price closed with a down pin bar just around the dynamic resistance of the channel, it could be a clear sign of a trend continuation.
The next price action will be essential to confirm our pattern and the next market movement.
🔴Conclusion: ✔️
The price is absolutely in an interesting area and I'm really confident to see it moving with a bearish movement trying to reach the next dynamic support of the channel and eventually the main weekly trendline.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
Please note the views are not investment advice and should be used only for educational purposes
Trade Safe and Responsibly,
Gianni
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.