EURAUD Looks for Long Term Trough Bounce

0 388

EURAUD finally broke through the six-month trend line.

The last few trading sessions saw further downside, after a brief recovery in the first half of December.

Prices are currently looking for yearly lows as the latest long-term support line becomes apparent.

However, the recent bullish divergence could lead to a bounce at the specified support line, moving prices to the upside.


A short-term perspective looks at a potential upside move after a downwards rally. After a short consolidation, the bias has shifted towards the upside, with the 23.6% of the 1.6420/1.6040 downside Fibonacci leg being the first target.

The recent bullish divergence could push prices past the base and convergence lines, as the currency pair looks for the lower border of the Ichimoku cloud.

The next target would then be the 38.2%, as this would clear the path for a possible move to the 50%.

Test your strategy on how the AUD will fare with Orbex - Open Your Account Now. 


or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.