EUR/AUD analysis for April 1, 2021
Looking at the chart on the four-hour time frame, we see that the EUR/AUD pair found support around 1.54000 during yesterday’s American session, and after that, we moved up, first with the help of moving averages MA20 and EMA20 and then crossed over MA200 and EMA200 to 1.54500. The current resistance pair is at 1.55500 but still above the MA200 and EMA200. On the upper side connecting the previous highs, we can draw one trend line, and if we see a break above it, then we can expect the bullish trend to continue to 1.56000 and then to the next high at 1.57000.
On the daily time frame, we see that the EUR/AUD pair is slowly finding support at 1.54000. A break above MA20 and EMA20 has been made, and we are currently testing the MA50. If we see a break above this moving average, we can expect to see the EUR/AUD pair getting closer to the moving averages MA200 and EMA200. From the chart’s target, we look at the next 1.56130, then 1.56900, and higher resistance at 1.59400, the previous high from January 2021. The second scenario is a pullback below the MA50 with a view again to previous supports in the 1.52500 to 1.54000 zone.
On the weekly time frame, we see the EUR/AUD pair sitting on the bottom line of the trend. There we can now expect a separate consolidation before the next major shift on the chart. Following the moving averages, the EUR/AUD pair is below all, but we are making a turn towards them again, and we can expect to approach MA20 and EMA20 first in the next short term. If we see this, it is realistic to expect the EUR/AUD pair to climb to 1.60000 before the next pullback towards the bearish trend’s continuation. By setting the Fibonacci level on the chart, we see this smaller bullish trend limited to 61.8% of the level.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.