EURAUD Offering A 1:3
Risk:Reward Trade Setup
Wed 28th June 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- EURAUD (Primary Focus Pair)
- EURJPY (Covered In Video)
- EURNZD (Covered In Video)
- AUDCHF (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| EURAUD Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 1.6410 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 1.6310 | -100 Pips | |
| Profit 1 | 1.6740 | +330 Pips | 1: 3.3 |
| Profit 2 |
Details:
EUR has springboarded to the top of our live forex strength vs weakness tables, offering us an opportunity to long the currency against its weaker counterparts.
AUD has taken the position of the weakest currency from the JPY which has dropped down to S3.
EURAUD is now a forex pair of interest and price has recently rallied into resistance at 1.6500.
This resistance was formed by the highs of May 2023.
Price could find short term relief here, which could offer us a trading opportunity if price takes a breather and pulls back into a supporting zone.
Price has formed a support zone around 1.6350, where we have confluence with an hourly 50 moving average and trend line.
This area would be an ideal zone to buy from with targets being the major resistance level of 1.6750.
Technical Observations:
- AUD is W1 and EUR is S1 on our day traders tables.
- Price is in a bullish trend but at resistance of 1.6500.
- If price pulls back from here it could retest support at 1.6410.
- Buyers could look to enter long from here.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
