Hi Traders! EURAUD short term forecast and technical analysis post is here. We do our analysis on the MetaTrader4 platform (MT4), some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available!
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EURAUD D1(Daily) Chart Analysis – Higher Highs, ADX Indicator
On the daily chart, currently we have a strong bullish momentum and the price which is moving higher has created higher highs based on the MACD indicator, which is a sign of gaining momentum towards the bullish side. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Also, currently there are no signs opposing this bullish view. We may now move down to lower timeframe and look for evidences supporting this bullish view.
EURAUD H4(4 Hours) Chart Analysis – Strong Bullish Momentum, ADX Indicator, Two Key Support Zones
On the H4 chart, we could see that currently we have a strong bullish momentum here as well. In addition to this, the ADX indicator gave a bullish signal here as well at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Also while measuring this strong bullish move we have two key support zones that has formed. The first key support zone is formed based on the 23.6%(1.71678) – 38.2%(1.70128) Fibonacci retracement levels of the strong bullish move. The second key support zone is formed based on the 50%(1.68876) – 61.8%(1.67624) Fibonacci retracement levels of the strong bullish move. Until both these key support zones shown in the image below (marked in green) holds my short term view remains bullish here and I expect the price to move higher further after pullbacks.
Technical Analysis & Forecast Summary
EURAUD D1(Daily) Chart Analysis
- Higher Highs, ADX Indicator
EURAUD H4(4 Hours) Chart Analysis
- Strong Bullish Momentum, ADX Indicator, Two Key Support Zones
Trading Tips
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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