The breach of the weekly resistance at the 1.6320 price region came as a surprise to some because three previous strong rejections of the region since the year 2018 had validated it as a strong resistance level.
The Daily time frame had turned into an uptrend before the AUD interest rate decisions came out on Tuesday Morning (EAT). This gave us the uptrend bias, creating a possibility of the breach of the weekly resistance, therefore not really coming as a surprise.
Currently the weekly candle is above its resistance but the candle has not closed yet. The close of the weekly candle will give more understanding on where EUR/AUD is heading to next.
Looking forward to the coming week for possible trade set ups that we will be posting on our trading view idea page. Get notified when that happens, by following us and engaging with us by commenting and liking.
Disclaimer: Trading foreign currencies (forex) is not appropriate for all investors, and the risks of forex trading can be substantial. You should carefully consider whether forex trading is right for you in light of your particular circumstances and financial resources.
The Daily time frame had turned into an uptrend before the AUD interest rate decisions came out on Tuesday Morning (EAT). This gave us the uptrend bias, creating a possibility of the breach of the weekly resistance, therefore not really coming as a surprise.
Currently the weekly candle is above its resistance but the candle has not closed yet. The close of the weekly candle will give more understanding on where EUR/AUD is heading to next.
Looking forward to the coming week for possible trade set ups that we will be posting on our trading view idea page. Get notified when that happens, by following us and engaging with us by commenting and liking.
Disclaimer: Trading foreign currencies (forex) is not appropriate for all investors, and the risks of forex trading can be substantial. You should carefully consider whether forex trading is right for you in light of your particular circumstances and financial resources.