Forex Chart Of The Day: EURAUD Long Idea Forming

The price of EURAUD is finding support at the 1.5300 handle, could this offer opportunities for traders looking to go long?

Watch the video to learn more…

EURAUD Analysis

Fundamental Analysis

The ECB will look to hike interest rates in December with many members calling for the European central bank to hike aggressively. The inflation rate in Europe has risen to 10.9% and unlike the US we haven’t seen it slow down yet. This should be the incentive for the ECB to hike rates by 50 bps or more in the December meeting. The RBA has already begun to slow the pace of tightening which could go against the AUD if put against the EURO and ECB.

Technical Analysis

The price of EURAUD is finding support above the 1.5300 handle. If the price remains supported by buyers we could see a move which pushes the price to the next resistance level around 1.5675 to 1.5800. If this was to be achieved we would expect to see the market form a reversal pattern on a lower time frame such as the 4hr. If the 4hr begins to form a reversal pattern like a double bottom or a change of trend we could look for a long idea to the key resistance level. 

Did you see our NZDUSD Analysis? You can see it here.

Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.

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.

See author's posts