EUR/AUD: A rounding bottom pattern above the downtrend invites us to buy.

Overview: By analyzing the daily chart we can see that pair is doing so well and heading towards the north side. After the series of higher lows and two impulsive attacks on the resistance, bulls have now been able to push the price through the mid-term key resistance. EUR/AUD  rises further to as high as 1.6609 so far today. Intraday bias in EUR/AUD remains on the upside at this point. The pair is making the rounded bottom and the market is set for the buy-side. The bulls are showing their aggression in the market and will rise 1.6734 level. The pair is showing upside momentum and still between all the major and minor EMA lines. The bulls are reacting and approaching the level 1.6690. By looking after the momentum of the market we suggest buying on dips.

Technical  Analysis: From the technical perspective, the market is trending on the upside momentum. From the 4 hourly chart pair is trading and moving above all the minor EMA lines and below the 200 SMA lines. The major support level is 1.6650,1.6500, and the resistance level is 1.6750, 1.6800. The market is forming an uptrend rise level. The day change level is 0.13%. The market high is 1.6711 and forming low at the level 1.6683.

 RSI: the indicator is showing its level above 30 is from point 29.05 as from there is showing the sign of oversold in the market hence indicate towards bullish side .

MACD: the indicator showing its buy-side after that  MACD is raising and till then its showing the market is overlapping.

Trade idea : based on the charts and from the above statements we suggest our investors to buy at 1.66822  target is 1.7220,1.7720 and sl is 1.63606.

 

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