Austin Galt
The Voodoo Analyst
The EURAUD has finally traded back up to over 1.60 which was the expectation outlined in previous analysis so let’s quickly review the situation using the daily chart.
EURAUD DAILY CHART
Since previous analysis price continued south before putting in a low and rally all the way back to a high today at 1.6255 which I believe to be the major secondary high. If not, then only marginally higher.
The Fibonacci retracement levels show this bear rally has been deep in falling just short of the 88.6% level.
The Fibonacci Fan shows this high around resistance from the 88.6% angle.
The Bollinger Bands show this high traded well above the upper band which is consistent with solid tops.
The RSI and MACD indicators are both showing bearish divergences at this high.
Summing up, I believe conditions are right to call this a secondary high and expect a solid move down from here with targets for that move outlined in previous analysis.
The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors. Put simply, it is JUST MY OPINION.
Recommended Content
Editors’ Picks
EUR/USD advances to near 1.0750 as risk appetite regains balance
EUR/USD extends its winning streak for the third successful day, trading around 1.0730 during the Asian session on Friday. The risk-sensitive currencies like the Euro gain ground as risk appetite regains balance ahead of US Nonfarm Payrolls.
GBP/USD trades on a stronger note 1.2530, all eyes on US NFP data
The GBP/USD pair trades on a stronger note around 1.2540 amid the softer US Dollar on Friday. The US Federal Reserve Chair Jerome Powell delivered a modest dovish message after the meeting on Wednesday, which weighs on the Greenback.
Gold lacks firm near-term direction, remains stuck in a range ahead of US NFP
Gold price struggles to gain any meaningful traction amid mixed fundamental cues. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support. Bets for a delayed Fed rate cut and a positive risk tone cap gains ahead of the US NFP.
Solana price pumps 7% as SOL-based POPCAT hits new ATH
Solana price is the biggest gainer among the crypto top 10, with nearly 10% in gains. The surge is ascribed to the growing popularity of projects launched atop the SOL blockchain, which have overtime posted remarkable success.
US NFP Forecast: Nonfarm Payrolls gains expected to cool in April
The United States Employment report will be released by the Bureau of Labor Statistics at 12:30 GMT. The US Dollar looks to employment data after the Fed signaled its intention to hold rates higher for longer on Wednesday.