Hi Traders! EURAUD technical analysis based on our In House Indicators is here. In this post we are going to perform the technical analysis in EURAUD using the Key Trading Levels Indicator and False Break And Convergence Indicator. 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 theTraders Academy Club Spoiler alert – free memberships are available!
On the daily chart using the False break and convergence indicator we could see that the price which was moving lower has created two false breaks which is a sign of slow down. In addition to this, the price which was moving lower has created a bullish divergence between the first low that has formed at 1.43934 and the second low that has formed at 1.42841 based on the MACD indicator The price then moved higher and broke above the last high at 1.47071 creating higher highs thus creating a full bullish convergence. You can see these false breaks and full convergence indicated by the FBC indicator. We may consider these as evidences favoring the bulls.
Note: You can get the False Break And Convergence Indicator Here
Now based on the Key Trading Levels indicator we could see that the price which was moving lower was blocked by a daily support zone. The price respected this zone and moved higher from it. Now combining both the KTL and FBC indicators together we can see that the market has provided various facts supporting the bullish view. The price which was moving lower reached a strong support zone and it respected it. In addition to it, around this area we had two false breaks followed by a bullish convergence. Then you can see in the image below how the price moved higher further after that and has currently reached the next strong resistance zone (Weekly + Daily) based on the KTL indicator. If the price breaks and holds above this resistance zone we may then expect the price to continue higher further.
Note: You can get the Key Trading Levels Indicator Here
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