As EUR/AUD is still in a solid bullish sentiment track, wait for an opportunity to enter a long position at 1.6465.

Hi fellow traders! EUR/AUD recorded gains in yesterday's (April 11th) trading session. The pair is still consistently moving within the bullish track, reaching its peak at 1.6407. Therefore, a buy option is still the main scenario for now.

euraud daily


Analysis and Recommendation

Let's take a look at the following EUR/AUD H4 chart below: 

euraud h4

From the H4 chart above, it has been pointed out that EUR/AUD is currently moving within the supply zone of 1.6465 - 1.6370. However, this pair is expected to continue its rally once it can break above the supply zone due to the solid bullish sentiment.

Set a long position at 1.6465 when a significant breakout signal confirms it. Stop loss may be positioned at 1.6370, while the profit target is at 1.6658.

Keep in mind to always use risk and money management before trading! In addition, to make use of trailing stops, don't forget to exit the market as soon as you find a reversal signal!

EUR/AUD key levels:

  • Resistance: 1.6658, 1.6585, 1.6465
  • Support: 1.6370, 1.6265