EURAUD Will Price Break Towards 1.6400?

Wed 29th March 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• EURAUD
• GBPAUD (Covered in Video)

Today we’re looking at Trading Setups in: EURAUD & GBPAUD (Covered in Video)

The AUD remains on the weak side of both tables, topping the trend traders.

This weakness can be seen clearly against the stronger currencies such as the EUR and GBP.

Today our focus shifts to EURAUD, as the EUR begins to find strength in the market.

Price has been in an upward trend on EURAUD since trading above the 1.5300 weekly highs.

Most recently price has traded into the key resistance of 1.6200.

The market has formed a consolidation here which combined with the tables suggest a breakout to 1.6400 is likely.

If EURAUD trades above the highs of the consolidation traders can look for a move higher.

Alternatively, if price returns back to the lows at 1.6150 and finds support traders could buy from here.

Technical Observations

• The EUR is S3 and AUD is W2 on the day traders table.
• Price is trading within consolidation at the key resistance of 1.6200.
• If the price breaks higher it could lead to a move to the next resistance of 1.6400.
• If price fails to trade higher it could move lower towards the minor consolidation lows at 1.6150.
• Buyers could look to buy from these lows.