FOREX Chart Of The Day: EURAUD Could Price Move Higher?

The EURAUD price could continue to move higher this week as the Australian Dollar reverses its recent strength.

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EURAUD Analysis

The EURAUD price could continue to move higher this week as the strength meter identified weakness entering the Australian Dollar. The Australian Dollar has been strong despite the stock markets falling and seeing the risk sentiment switch. This is the opposite of what usually happens to the currency in times of uncertainty. 

Technically the price looks to be recovering from the recent fall that we saw in the price, after such a move we do often see a recovery in the price. The previous weekly candle closed as a bullish reversal candle showing signs that the market could move back to the upside. This week we have seen the price break through last week’s high showing us that the price is happy to trade at higher prices.

This could now offer us long opportunities on the 4hr time frame, if the price can retest the key supply zone which rests at 1.5000 and forms bullish price action we can look for long ideas back to the swing highs.

Did you see our AUDUSD analysis? You can find it here.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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