EURAUD Confined In Triangle. Awaits Breakout Momentum!
The main chart shows the price is confined inside a triangle and a breakout to either side might occur. The red lines are concrete support and resistance levels drawn from the Monthly charts. Should the breakout occur, we can expect the price to test either side of the red lines.
Fundamentally the AUD would appreciate against the EUR due to trade deal almost being sorted out and EURZONE growth deteriorating further. But it remains to be seen what happens. Currently i am already LONG on AUDUSD (have a look at the attached link below)
Therefore i can not take this pair SHORT OR LONG as the active trade of AUDUSD has slight strong correlation with EURAUD. Always manage your risks well. If you prefer to trade this pair please do so at your own risk but its suggested to trade once the triangle has been breached.
Hope you found the analysis useful, if so please leave a LIKE and FOLLOW me for future updates and posts. cheers
Fundamentally the AUD would appreciate against the EUR due to trade deal almost being sorted out and EURZONE growth deteriorating further. But it remains to be seen what happens. Currently i am already LONG on AUDUSD (have a look at the attached link below)
Therefore i can not take this pair SHORT OR LONG as the active trade of AUDUSD has slight strong correlation with EURAUD. Always manage your risks well. If you prefer to trade this pair please do so at your own risk but its suggested to trade once the triangle has been breached.
Hope you found the analysis useful, if so please leave a LIKE and FOLLOW me for future updates and posts. cheers
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.