Technical analysis of the EUR/AUD pair
16Jul
- General trend:
The pair has been moving within a clear ascending channel for some time, but is currently approaching a break below the channel's lower boundary, which could signal a reversal in the upward trend. - Current price:
The price is trading around 1.7795, which is close to the lower support line of the channel. - Price pattern:
The chart shows a potential false breakout pattern followed by a strong decline, reinforcing the bearish correction scenario. - Support and resistance areas:
- First support: 1.7399
- Second major support: 1.7262 (considered a strong bounce area according to the volume density in the volume profile)
- Key resistance: 1.8374, a previous high and an important psychological level.
- Other indicators:
- The chart shows an increase in price volume at the current area, indicating that a break of this area could lead to a strong downward movement.
- The blue arrow indicates a failure to break the recent high, which may reinforce selling pressure.
Comments