General overview: EUR/AUD is showing bullish signs or retracement signals. This article reviews the bullish signs and analyses the two main scenarios for this currency pair. This indicates the end of the bearish price swing and the start of a bullish price swing. Overall the pair creating the bullish momentum in the chart and the bullish trend is likely is established in the today view. The broad risk-on move in the financial markets looks set to continue in the week ahead as optimism rises that US President Joe Biden will be able to push all or most of his stimulus program through Congress, that there will be an orderly transition of power in the US, and that the coronavirus vaccine rollout globally will boost economic growth. As, due to the EUR is get boosted so we can say the market will rise towards the bullish side in the market. The buyers can make their investment towards the buy-side in the market.
Technical Analysis: From the technical point of view we can say that market that towards the positive side in the market. The market stands towards the bullish side and makes the bulls aggressive and stands at the front foot and create the buy-side for the market. On 4 hourly basis market find breakout at level 1.5682. From a certain point market will start rising. The market will get more positivity after level 1.5902. the indicators I also supporting the price sections as RSI will also travel above 50 levels and create the bullish signals for the market as the MACD will also travel above the zero lines and create the buy sign for the market. The odds are in favor of the bulls. As the minor EMA falls below the pairs and creates the strong buy-side. In this chart, we can also see three white soldiers pattern as the investors will more confirmation for the buy-side. So, the support of the pair is 1.5793 followed by 1.5743 and resistance is 1.5893 followed by 1.5943.
Trade idea: We can conclude from the content that investors should make their investment towards the buy level at 1.5837 and target will be 1.5987 -1.6067 and Sl will be 1.5687.
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