#EURAUD has finally broken out of the range it has been in since the start of the year.
Will the market rally higher and what are the key levels to look out for?
Watch the video to learn more…
Today, we’ll be talking about EUR/AUD as the price recently broke out of a range high.
The price has been stuck between the 1.5637 and 1.53 levels in the weekly timeframe for the past few weeks.
On this weekly timeframe, the price broke out of the range it was in since the start of the year. If the weekly timeframe closes like this, we will likely see a continuation higher.
Ever since the start of the new year, the price remained down in those areas, but now we’re getting a nice little breakout.
The price is breaking to the upside. If we can get a clear close above, that would be a really good sign that we’re going to see another impulse to the upside.
In the daily timeframe, the price has recently consolidated within an area before breaking out.
I’m looking for a retest there. If we can only get the price to go back down to 1.5637, which has been resistance, resistance, a little bit of support, and more resistance.
In the daily timeframe, the price consolidated before it broke out higher. The level it broke out of was used as significant resistance and support recently. If the market retraces back to the zone at 1.5637, we can look for a long opportunity.
If we can get the market back down to that level and form in bullish price action, we can get a decent long opportunity.
In the four-hour timeframe, we have a significant rally up. We also have a consolidation and a breakout. I’m looking for the price to come back within this level for a swing trade opportunity.
The four-hour timeframe highlights in more detail the consolidation before the breakout. This would be an ideal zone to look for buying opportunities again.
Keep an eye on this one. EUR/AUD could be one to watch now that we have a break out of this range.
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