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Let’s start today’s commentary with EURAUD, a pair that we last traded on January 14, 2015 when a bearish pin bar formed in response to former channel support. Fast forward to today and the pair is now back above the level that previously acted as resistance.
A look at the daily chart shows how this trend line has impacted price action over the past five months. The pair had some trouble climbing back above it starting on January 29, when the bulls were rejected from the level for several days. However today marked the first close back above the level since January 8, 2015.
EURAUD daily chart:
With price firmly back above the level, we can begin watching for buying opportunities on the 4 hour time frame. Key resistance comes in at 1.4860 and 1.4977. Just remember to take caution as both the Euro and Aussie Dollar have experienced significant volatility of late.
Summary: Watch for bullish price action above 1.4715. Key resistance comes in at 1.4860 and 1.4977. Although the 4 hour chart below shows bullish rejection, I’d like to see additional confirmation that this level is likely to hold.
NZDUSD analysis
GBPAUD analysis
