EUR/AUD has been bullish on the daily chart for the last two trading days. The price has found its support, where it had several bounces earlier. The H4 chart has been bullish as well. The price has been heading towards the North by making new higher highs. One of the H4 candles came out as a bearish inside bar, which the following candle engulfed. Thus, if the price makes an H1 breakout at yesterday’s highest high, it may head towards the North further.
This trade idea was generated by our powerful Elite Swing Trader System on a H4 time frame.
EUR/AUD Daily Price Forecast – 7th Jan 2020
The chart shows that the price found its resistance at the level of 1.61545. It then consolidated and found its support at the level of 1.61285. The level produced a bullish engulfing candle as well. The price has been bullish within the current H4 candle but it is trading within the resistance. The buyers may wait for an H1 breakout at the level of 1.61545 to go long on the pair. Let us have a look at the summary of the trade…
- Buy Stop: 1.61541
- Stop Loss: 1.60.928
- Take Profit: 1.62094
The nearest swing high is at 1.63000. The price may go towards that level. However, the level of 1.62000 is a Fibonacci level as well as a round number. The price may consolidate around the level and make a bearish reversal. If it continues its trend and makes a breakout at the level of 1.62000, it may head towards the level of 1.63000 with good bullish momentum.
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