EURAUD, 240 min
The last time EURAUD was trading at current levels we looked for signs of reversal as the pair was trading at support. Now support level has been penetrated and its role has been reversed. The same level is now likely to act as a resistance. EURAUD is also trading near the upper 4h Bollinger Bands with Stochastics getting overbought and the down sloping 30 period moving average. The higher time frame momentum is to the downside and the pair has retraced back to a resistance.
We look for sell signals inside the 1.4865-1.4930 Sell Area with Target 1 at 1.4700-1.4753. Should this area get penetrated the Target 2 area is at 1.4614-1.4660.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
“My mission is to help you to become a confident and successful trader”
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