Today I am looking at two currency pairs- EURUSD and AUDUSD. Why did they get my attention? Let’s start by first looking at the EURUSD.
Above is the Daily chart of EURUSD. First, I am looking at the EURUSD daily chart.
It looks more bullish than bearish. There is a major support level just below the current price level. The candle from yesterday is close to an inside day.
If today’s candle closes above the close of the red candle, it will engulf if together with yesterday’s bullish candle.
This will give more bullish enthusiasm to the market participants and price might go higher to the next resistance level.
Levels I am monitoring:
Resistance 1: 1.1875
Resistance 2: 1.2100
Possible entry (depending on price action of course) could be given after a retracement to the intraday support level at 1.1785. The potential targets are the Resistance 1 and Resistance 2 levels.
The second pair I am looking at today is the AUDUSD. The screenshot above is showing the daily chart, which also looks quite bullish.
It looks like we are seeing some exhaustion here. There is a major support level at 0.7810 which has been rejected.
In an ideal world, I would like to see the price going below this level and then forming a rejection. Although there is a pinbar on the daily chart, I feel slightly hesitant about this possible opportunity.
I might wait for a bit longer and see if price goes lower than 0.7800 and makes a second rejection. Then, it would be a clear bullish sign for me.
The 4 Hour chart is showing bullish bias, as well. But again- sometimes I prefer to be a bit more patient, especially when we had so many great opportunities already this week.
Let’s reiterate the major levels again:
Resistance 1: 0.7875
Resistance 2: 0.8100
I wish you all happy Friday and an joyful weekend!
Disclaimer: This article is for informational purposes only and not for the purpose of providing investment advice.