EURAUD: Should You Still Be A Buyer ?
Thurs 27th April 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- EURAUD (Primary Focus Pair)
- EURNZD (Covered in Video)
Primary Focus Pair: Overview
Yesterday we featured how to use the forex strength and weakness tables to identify an entry into the market.
The video highlighted an opportunity on EURAUD.
Today the tables tell us that the momentum is still with this forex pair.
EUR tops the day traders tables as the strongest and AUD is the weakest.
Price is heading towards the key resistance at 1.6800, and has failed to test it just yet.
Instead, price has pulled back toward minor areas of support.
These support areas include, previous H4 highs at 1.6575, and trend line support with a 50 moving average confluence at 1.6650.
Traders looking to get long on this pair, could watch these levels of support for entries.
If price begins to stall around these levels, we could enter long, targeting the resistance at 1.6800.
If however, EURAUD falls away from the day traders table, then we know that the momentum has faded.
But until then we should continue to look for long opportunities into key resistance levels.
Technical Observations:
- EUR is S1 and AUD is W1 on the day traders table.
- Price is in a strong upward trend.
- Buyers could be targeting the key resistance at 1.6800.
- The H1 chart shows price is pulling back towards minor support zones.
- Price could find support at the 50 moving average.
- The H4 highs at 1.6575 is another level of support for buyers.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
