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EUR/AUD Potential Upward Movement

EUR/AUD Potential Upward Movement

Key Resistance Levels: 1.61738, 1.64371, 1.64500.

Key Support Levels: 1.59377, 1.57975, 1.56791.

Daily Chart:

The price on the higher time frame failed to break the 1.59377 AUD mark and reversed higher where a series of bullish candlesticks has been posted. Further movement to the upside could be seen toward the next key level around the 1.61738 CAD mark.

EUR/AUD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price posted a double bottom and succeeded to break the bearish channel to the upside. The market as well managed to break the highlighted zone to the upside where we expect a lower correction to this zone before a new bullish impulsive wave toward the target profit.

Signal Idea:

Buy Limit Order @ 1.60570

TP 1 @ 1.61717

TP 2 @ 1.64371

Stop Loss @ 1.60037

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

2 comments

  1. On MT4 iOS it asks for an expiration date whenever I wish to put in an order and i don’t know how long of a time frame I should put for long/short orders.

    I would appreciate a response as to how long I should leave that order open for. For Example if it’s a long term buy do I leave it open for a month and if it’s a short then do I leave for a week/day?

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