Following a corrective wave to the upside following a decline to a five-year low at 1.43173, EUR/AUD is now trading within a bullish channel. The 200-day exponential moving average, which corresponds to a strong resistance level of 1.530, has already been reached by the pair. This area has previously served as a barrier to the upward rise in mid-March, May, and late June, as seen on the daily chart, and it appears that it has done so once more this time. Additionally, a bullish market is indicated by the price's placement in the upper half of the Bollinger Bands.
Currently, the 1.530 resistance and 1.5060 support levels are influencing EUR/AUD price action. A break on either side of this range will define the market's future course. Due to the sellers' advantage, the price fell on Monday. The pair may drop further to the previous price floor around 1.5060 if the bearish trend that is escalating continues. This region is a crucial support area since it lies at the intersection of the 20-day SMA and 50-day EMA, which also covers the lower margin of the ascending channel.
Following a corrective wave to the upside following a decline to a five-year low at 1.43173, EUR/AUD is now trading within a bullish channel. The 200-day exponential moving average, which corresponds to a strong resistance level of 1.530, has already been reached by the pair. This area has previously served as a barrier to the upward rise in mid-March, May, and late June, as seen on the daily chart, and it appears that it has done so once more this time. Additionally, a bullish market is indicated by the price's placement in the upper half of the Bollinger Bands.
Buyers will regain control if 1.5060 holds support. However, breaking through the strong resistance zone of 1.530 will be required to continue the upward trend. Momentum Oscillators show a weakening of buying forces but no evidence that sellers are capable of reversing the trend. The RSI has fluctuated among buying and selling territory adjacent to the neutral zone. The momentum is above the 100-threshold but moving slowly. Positive MACD bars have also shrunk, falling below the signal line.
