EUR/AUD Searching for 2016 highs?

FX:EURAUD   Euro / Australian Dollar
Hi Traders,

Hope this past week has been profitable! Here we have a daily view of EUR/AUD and using simple lines of support and resistance we can deduce that a key level is in range now for the pair.

A week ago yesterday we can see a big rejection of the early January 2018 trend line and from there the pair has gone on to bounce off its daily 50 EMA on Thursday and finally, break through the downward short term channel yesterday.

This exposes a level first tested in late 2015 and then re-tested in February 2016 at 1.62470.
Expect support to remain with the 2018 trend line , then below at 1.57798.

Key risk events which could alter direction this coming week include AUD CPI (QoQ) at 02:30 BST on 24/4 and later in the week we have ECB Interest rate decision at 12:45 BST on 26/4.

Happy trading!


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