EURAUD: Traders Targeting 1.6800

Tues 25th April 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• EURAUD (Primary Focus Pair)
• EURNZD (Covered in Video)
• AUDCHF (Covered in Video)

Primary Focus Pair: Overview

EUR remains on the strong side of the tables featuring as the second strongest currency.

AUD has moved from being the third weakest to the second weakest on the day traders table.

This tells us that AUD weakness is gaining momentum.

EURAUD is our main forex pair in focus as the price has traded through multiple resistance levels and heading towards 1.6800.

On the higher time frame chart such as the weekly, we can see that the price has been in an upward trend since finding support at the lows at 1.4400.

The highs in August 2021 of 1.6400 was the most recent level that price has traded through.

This could see buyers target 1.6800 on pullbacks.

On the daily time frame we can see that price is also in an upward trend, with the 1.6400 level holding confluence with a bullish trending formed from the 17th March lows.

Before going long, we need to wait for a pullback into the 1.6400 and for bullish price action to form.

Traders that are happy with limit orders could set a buy limit order at the 1.6400 to target 1.6800.

Technical Observations:

• EUR is S2 and AUD is W2 on the day traders table.
• Price is in a strong upward trend.
• Price has traded through the highs of 1.6400.
• These highs could be used as support in confluence with a trend line support.
• Buyers could look to target 1.6800.

Todays 9am (BST) Forex Strength Vs Weakness Tables: