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EURAUD trade ideas

EURAUD ready to go up? Double bottom pattern on D1EURAUD ready to go up? Double bottom pattern on D1 The euro to Australian dollar (EURAUD) currency pair is in a support region on the daily chart and could show a possible upward movement over the next few days. EURAUD has just formed a pattern known as a “double bottom” around the support region on the daily chart at the 1.6000 mark – a significant area that previously held the price on June 26, preventing it from continuing to fall. Another element that supports the idea of ​​an upward movement in the coming days is the fact that the price accumulated a low of -6.85% between Aug. 5 and Oct. 2. In fact, the RSI reading on Oct. 2 was 29.47, signaling a possible oversold scenario. Bullish engulfing pattern: EURAUD may see buying momentum Today’s price action is showing a clear bullish engulfing pattern, with the current candle trading above yesterday’s high. This formation suggests a potential surge in buying momentum, following a touch on the support level on the daily chart (D1), indicating a possible shift in market sentiment. Analyzing the EUR/AUD setup, several bullish signals are emerging: The pair is currently in a support region on the daily chart (D1), which generally favors upward momentum. A double bottom pattern has formed on D1, another bullish indicator. The RSI dropped below 30 yesterday, suggesting the selling pressure may be exhausted. An engulfing pattern has developed on D1, indicating potential buying momentum could be ignited. These factors together suggest a possible bullish reversal in the near term. EURAUD may rise to 1.6275 in near term From a technical point of view, EURAUD has a chance to rise to the 1.6275 region over the next few days, where it should find temporary resistance. If the price manages to break above 1.6275, it is possible that it will rise to 1.6620 throughout the month of November. Events to watch: US nonfarm payrolls, ECB rate decision, RBA minutes Traders should closely monitor the release of the US nonfarm payrolls data on Friday, as it has the potential to significantly impact market movements. Additionally, those planning to hold positions for a longer term should keep in mind the European Central Bank’s interest rate decision on Oct. 17, which could drastically alter the outlook for EUR/AUD. The release of the Reserve Bank of Australia’s policy meeting minutes on Oct. 7 may also impact the strength of the Australian dollar. Recent forecasts and analyst polls have indicated that the RBA intends to maintain a restrictive monetary policy and keep rates on hold until the end of 2024, with a possible rate cut coming at some point in Q1 2025, which could weaken the Aussie. Disclaimer: 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK.
Long
by Marketscom
EURAUD💡Hello everyone, EURAUD chart analysis Ascension scenario: ⬆️ If the price respects the Order Block area and continued support from this area, we could see a bounce to higher levels. Landing scenario:⬇️ If the price breaks the Order Block area to the bottom, it is possible to continue the decline to a lower support level. MACD Indicator: We are waiting for divergence in momentum. We monitor the chart on the lower time frame ✅ ⛔It is not investment advice, for educational purposes only.
by Adhamcurrency
EURAUD to continue in the downward move?EURAUD - 24h expiry There is no clear indication that the downward move is coming to an end. Although we remain bearish overall, a correction is possible without impacting the trend lower. Risk/Reward would be poor to call a sell from current levels. A move through 1.6025 will confirm the bearish momentum. The measured move target is 1.5975. We look to Sell at 1.6100 (stop at 1.6140) Our profit targets will be 1.6000 and 1.5975 Resistance: 1.6075 / 1.6100 / 1.6125 Support: 1.6025 / 1.6000 / 1.5975 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Short
by OANDA
EUR/AUD: Clean Trend Meets Big SupportThe deviation between EUR/USD and AUD/USD has been quite clear over the past month. While EUR/USD had struggled at resistance of 1.1200, AUD/USD had continued flying up to fresh yearly highs. And given stances from each respective central bank, that divergence made sense. This also showed clearly in the cross pair of EUR/AUD which set a fresh yearly low this morning as a trendline came into play just above the 1.6000 psychological level. At this point the question is whether a bounce can show from profit taking following a consistent sell-off. If so, there's lower-high resistance potential at 1.6115 and 1.6169. If not, and if we do get the 1.6000 print before either of those come into play, we may be looking at oversold conditions on the daily which can similarly be tracked for bounces into lower-highs. - js
by FOREXcom
EURAUDSeasonality Analysis: Historical data suggests a Bullish seasonality for EURAUD during this period, indicating a higher likelihood of Upward movement in the pair. RSI Bullish Divergence: The Relative Strength Index (RSI) is showing a Bullish divergence. This occurs when the price is making LL and LH, but the RSI is making HH and HL, signaling that the Downward momentum is weakening and a potential reversal is likely. Trendline Break: The price is approaching a key trendline, and a break above this trendline would indicate a shift from the current downtrend to a uptrend. This break would act as confirmation for entering a long position. Trade Setup: Entry: Use a Buy stop order to enter the long position once the price breaks Above the key trendline. This ensures that you only enter the trade if the Bullish trend is confirmed.
Long
by SohailChaudhary
EURAUD SELL SHORT👉🏻 Market cycles are the essence of trading, and recognizing them can give you an edge. 📉 The chart presents a compelling setup for a short trade on the EUR/AUD pair, demonstrating the cyclical nature of the market. 📌 Pattern Analysis: The recent price action shows a significant peak followed by a sharp decline, signaling a potential reversal from the previous bullish trend. The price has broken below a key support level, now turned resistance, confirming the bearish momentum. The current consolidation near the 1.6465 level appears to be forming a continuation pattern, likely leading to further downside. 📌 Next Move: The projected move indicates a strong potential for further declines, with a target zone around 1.6050, as indicated by the green area. The blue arrow outlines the expected path, anticipating a continuation of the downtrend. 📉 Risk Management: The stop-loss is strategically placed above the recent high near 1.6759, providing a favorable risk/reward ratio. This setup is ideal for traders looking to capitalize on the continuation of the bearish trend with a well-calculated entry. 👉🏻 Conclusion: Capital preservation remains the priority. By aligning with the current market sentiment and trend, this short trade setup offers a clear opportunity for profit. As always, patience and strict adherence to your trading plan are vital. 📩 If you have any questions or want to discuss this analysis further, leave a comment or send us a message. We’re here to help! 😃
Short
by Ninjia_Kitty
EURAUD Is Going Up! Buy! Take a look at our analysis for EURAUD. Time Frame: 5h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a significant support area 1.602. The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 1.613 level. P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought. Like and subscribe and comment my ideas if you enjoy them!
Long
by SignalProvider
1
#EURAUD 1 DAYEUR/AUD 1-Day Chart Forecast: The EUR/AUD pair on the 1-day chart is showing signs of bearish momentum, presenting a potential sell opportunity. The market appears to be in a downtrend, with price action favoring further declines in the short to medium term. Here are the key factors supporting the sell forecast: Downtrend Continuation: The pair is likely respecting a downward trendline or consistently forming lower highs and lower lows, indicating strong selling pressure. Bearish Indicators: Technical indicators such as the RSI or MACD could be signaling bearish divergence or oversold conditions, confirming the potential for continued downside movement. Key Resistance Levels: The pair may have recently bounced off a key resistance zone, providing an attractive entry point for short positions. Traders considering a sell trade should place stop-loss orders above recent swing highs to manage risk, while targeting previous support levels as potential take-profit areas. Monitoring the market for any signs of trend exhaustion or reversal is crucial, but overall, the **technical outlook favors a sell strategy for EUR/AUD on the 1-day chart.
Short
by PIPSFIGHTER