The EURAUD price is approaching a key demand zone and with the AUDUSD price at resistance we could see the recent AUD strength fade.
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The EURAUD price is heading towards the key lows where we saw the price rebounded aggressively from two weeks ago. The strength meter highlights that the Australian Dollar is one of the strongest currencies but in a reversal zone. This can often lead to a reversal against currencies that are getting stronger.
The price of EURAUD has seen a sharp decline lately after the market retested previous resistance levels. Often when price moves so aggressively in a particular direction we can see a sharp retracement which is what happened two weeks ago to this pair. This could happen again if the AUD begins to weaken. Looking at the AUDUSD price the market has reached a resistance level, this could suggest that the AUDUSD price may begin to move lower and in turn offer short opportunities for the AUD. EURAUD is nearing a major support zone and if the price was to find a bullish reaction at this area by forming reversal patterns such as a double bottom pattern we could begin to look for long opportunities in line with a reversal.
Do you trade EURJPY? You can see our previous analysis on the currency pair here.
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