Technical Analysis – EURAUD ticks up as it targets again the recent peak
April 20, 2023 9:31 am
EURAUD is currently pointing upwards after the bounce off the 1.6260 support level and the 20-day simple moving average (SMA). The upside momentum appears to have more steam as prices have been attempting to run towards the two-and-half-year high of 1.6245.
The bullish bias in the near term is also supported by the RSI, which has been hovering above the 50-neutral level in the past few days and the stochastic oscillator posted a positive cross within its %K and %D lines.
Should the pair manage to strengthen its positive momentum, the next resistance could come around the previous peak of 1.6245. Above this level, the next target could come from the October 2020 high at 1.6825.
However, if prices are unable to move higher, traders would shift back to the downside, with the 1.6260 barrier being the first obstacle ahead of the 1.6035 support, which holds near the 50-day SMA. A drop lower could hit the 23.6% Fibonacci retracement level of the upward wave from 1.4285 to 1.6245 at 1.5930 before resting near the 1.5860 support, which stands near the long-term rising trend line.
All in all, EURAUD is still showing positive signs and only a decline beneath the ascending trend line may switch the outlook to bearish.
EURAUD is currently pointing upwards after the bounce off the 1.6260 support level and the 20-day simple moving average (SMA). The upside momentum appears to have more steam as prices have been attempting to run towards the two-and-half-year high of 1.6245.
The bullish bias in the near term is also supported by the RSI, which has been hovering above the 50-neutral level in the past few days and the stochastic oscillator posted a positive cross within its %K and %D lines.
Should the pair manage to strengthen its positive momentum, the next resistance could come around the previous peak of 1.6245. Above this level, the next target could come from the October 2020 high at 1.6825.
However, if prices are unable to move higher, traders would shift back to the downside, with the 1.6260 barrier being the first obstacle ahead of the 1.6035 support, which holds near the 50-day SMA. A drop lower could hit the 23.6% Fibonacci retracement level of the upward wave from 1.4285 to 1.6245 at 1.5930 before resting near the 1.5860 support, which stands near the long-term rising trend line.
All in all, EURAUD is still showing positive signs and only a decline beneath the ascending trend line may switch the outlook to bearish.
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