EUR/AUD Price Analysis: Bears breaking from hourly support ahead of RBA

EUR/AUD bears are taking over ahead of the RBA event.
There s a daily support target that could be achieved ahead of the event.

Ross J Burland FXStreet

In a prior analysis from 28 July, it was illustrated that the bulls had wings for higher highs:

Prior analysis, daily chart

''Bulls are in control and seek a higher daily high in a continuation of the bullish trend.''

Live market analysis

The bulls indeed moved higher and now the price is testing support ahead of the Reserve Bank of Australia which is expected to pish back ideas of tapering due to the risk of covid.

This leaves scope for an upside continuation for the sessions ahead.

The 1.62 area could come under fast pressure but a fuller retracement to at least the 38.2% Fibonacci could be on the cards leading into the meeting.

If the meeting does not offer anything for the bulls, then the prior support in the 1.5980 regions would be vulnerable where the 21-EMA would reside as a further conviction for the bears to target:

1-hour chart

Meanwhile, the price is attempting a breakout on the hourly time frame to target the daily support as follows:

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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