EURAUD 🤖AI Landscape: Unveiling Potential Support & ResistanceEURAUD Landscape: Unveiling Potential Support and Resistance
Greetings, Esteemed Investors and TradingView Community,
A s we delve into the intricacies of the EURAUD chart, we uncover intriguing trends and patterns that may shape its future trajectory. Today, we'll explore the insights gleaned from Support Vector Machines (SVM), a powerful machine learning algorithm that can decipher support and resistance levels.
S VM has identified the blue zone, a potential support area, anchored by significant daily closes on September 29th and November 3rd. This zone has been instrumental in buoying the EUR against the AUD, propelling its price upwards.
W hile the EUR experienced a continuous rally until encountering the purple falling trendline last week, this formidable barrier forced it to retreat to the support level established on October 20th. However, the combined strength of the September 29th rally and the subsequent surge on November 3rd could potentially break through this resistance trendline.
E xtrapolating from the EUR's performance last week, we anticipate a continued upward movement. However, a correction is not out of the question, and its timing could significantly impact future outcomes.
I f the EUR successfully breaches the resistance trendline, any subsequent pullback will not negate the overall bullish trend, and we will consider adjusting our targets upwards. Conversely, a reversal from the current support level would cast doubt on the bullish trend, prompting us to reevaluate our strategy and consider local trends between September 29th and today.
C onsolidations often precede bearish market reversals. In such a scenario, we would contemplate opening a short position.
C urrently, our long position initiated within the support zone boasts an attractive risk-reward ratio of 11.
Please remember that this is not investment advice, and we strongly encourage you to conduct thorough research and consult with financial professionals before making any trading decisions.
With gratitude,
Ely
