EUR/AUD has some fuel

EUR/AUD has some fuel

Trade idea

BUY 1.6175; TP1 1.62; TP2 1.6235; SL 1.6160

SELL 1.6085; TP 1.6050; SL 1.6100

EUR/AUD formed a "hammer" candlestick on the W1, above the 50-week MA in the 1.6010 area. There's also a 100-day MA just above 1.6050. The pair tried to retest levels below it earlier this week but then closed higher. All of this lets us think about a bullish scenario. The advance above Friday's high at 1.6170 area will open the way up to 1.62 (100-day MA) and potentially to 1.6235 (200-day MA). Support lies at 1.6090 (200-period MA on H4). The decline below it will mark a return to 1.6050.

EURAUDDaily.png

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