Interesting Long-Term Opportunity on EUR/AUD
Good morning traders! Today we will analyze EUR/AUD, as it is in a particular situation that can be a good opportunity to take for the long term.
🔸Let's first analyze the long-term chart (Published):
- We see an obvious upward trend that has been in place for almost 10 years.
- Recently, the price bounced back to the lower trend line and was rejected to the upside.
- This is a bullish sign, leading us to think of possible bullish momentum.
🔸To see the situation more in detail, let's go to the Daily Chart:
- Here, we also see that the short-term bearish channel was broken to the upside and the local resistance zone.
- Yesterday was a very volatile day, and we saw a large rejection candle in the support zone, which supports our bullish view.
- The target that we consider possible in the medium term is the Resistance zone at 1.68000.
🔸Let's first analyze the long-term chart (Published):
- We see an obvious upward trend that has been in place for almost 10 years.
- Recently, the price bounced back to the lower trend line and was rejected to the upside.
- This is a bullish sign, leading us to think of possible bullish momentum.
🔸To see the situation more in detail, let's go to the Daily Chart:
- Here, we also see that the short-term bearish channel was broken to the upside and the local resistance zone.
- Yesterday was a very volatile day, and we saw a large rejection candle in the support zone, which supports our bullish view.
- The target that we consider possible in the medium term is the Resistance zone at 1.68000.
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