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fxtraderkristina

↑ EURAUD: good chance to re-test previous high

Long
Euro / Australian Dollar (FX:EURAUD)  
fxtraderkristina  
FX:EURAUD   Euro / Australian Dollar
Trend Analysis Technical Indicators Moving Averages EURAUD euraudlong swingtrading priceaction
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trendanalysis indicator movingaverage euraud euraudlong swingtrading priceaction
The overall trend for EURAUD is bullish, with a strong weekly candlestick rejection of the moving average of 20, while on the daily, price action add up to a bullish momentum by currently forming a bullish engulfing, and a break of MA 20 would strengthen the bullish bias. Now, on a shorter time frame, we might expect a small pullback towards the area of support, where the current 20/50 MA's hold, possibly due to the upcoming news release, and then the trend should continue it's move up to re-test previous high zone as marked in the photo.
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