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EUR/AUD Potential Upward Movement

EUR/AUD Potential Upward Movement

Key Resistance Levels: 1.61738, 1.63550, 1.64354.

Key Support Levels: 1.60662, 1.59377, 1.59300.

Daily Chart:

The price on the higher time frame failed to break the 1.59377 CAD level and reversed higher where a series of bullish bars has been posted. We noticed also that these bars have long wicks to the downside which shows that buyers are coming back and might push the price higher.

EUR/AUD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price succeeded to break the bearish channel to the upside where also the Wyckoff accumulation phase was broken to the upside. A lower correction could be seen to the higher end of the channel before a new impulsive wave toward the target profit.

Signal Idea:

Buy Limit Order @ 1.60694

TP 1 @ 1.61702

TP 2 @ 1.63550

Stop Loss @ 1.60250

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. Hi when I put buy limit order and type in the number you have provided it won’t let me place to the trade as it’s grey. My buy limit order has be under the current price. What am I doing wrong here?

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