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Forming On EURAUD

Tues 6th June 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

  • EURAUD (Primary Focus Pair)
  • EURCAD (Covered In Video)
  • AUDUSD (Covered In Video)
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Primary Focus Pair: Trade Plan & Details

Details:

AUD enters our live forex strength vs weakness tables as the strongest currency.

This comes after news of a rate hike increase from Australia’s central bank.

If AUD strength continues we can pair it with a weaker currency such as EURO. 

When observing price action on EURAUD, we can see price forming a head and shoulders pattern at key resistance of 1.6800, with the neckline at 1.6400.

Since then, price has been trading lower with support of 1.6200 being breached. 

This break to the downside will offer sellers an opportunity to get short on price pullbacks.

A support zone at 1.5900 could be used for targets for sellers, this area has featured as both support and resistance over the past year.

For further confluence, a daily 200 moving average is resting below key support and could make a decent second target for traders selling EURAUD.

Live Forex Charts - EURAUD - How to Find A Trending Forex Pair To Trade - Charles Clifton Forex Trader - 1-2-1 Forex Trader Training Courses - charlesclifton.co.uk- 06-06-23

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