10/11/22 Daily Currency Strength Analysis: EURAUD- Trend Continuation Opportunities

Thurs 10th November 2022

Today, Our Daily Currency Strength Weakness Video will focus on:

• EURAUD

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

EURAUD Trend Continuation Opportunities

In today’s currency strength video we identified that EUR is S3 on the Trend Traders Table and the AUD is W3 on the Trend Traders Table.

The EUR has remained on the strength side of both tables due to the ECB members hawkish comments towards interest rates.

The AUD has switched from being on the strength side of the tables earlier in the week to now being on the weak side.+

The RBA have slowed down the pace of tightening, and with recent Covid restrictions being imposed in China the AUD could continue to weaken.

Technical Observations

• The EUR is S3 and the AUD is W1 on the both currency strength tables.
• In previous analysis we identified 1.5300 as an area of support for price.
• Price rallied over 300 pips from this level offering opportunities now on a higher low.
• The higher low could form at minor support of 1.5525 and bullish trendline confluence.
• Resistance could be found at 1.5700 highs however, if this were to breach the higher time frame trendline would be important.