💰Take Profit 1 - 1.6538
💰Take Profit 2 - 1.6588
💰Take Profit 3 - 1.6638
❌ Stop loss - 1.6358
Technical analysis:
The EURAUD pair is currently in a bullish trend, and it is currently trading near the bottom of its range. The current spot rate is 1.6458, and a buy entry point of 1.6458 is just above the recent low of 1.6358.
The pair is also trading above its 200-day moving average, which is a bullish signal. The pair is also forming an ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The euro is generally seen as a riskier currency than the Australian dollar, and it has been strengthening against the Australian dollar as concerns about the global economy have subsided.
Second, the European Central Bank (ECB) is expected to raise interest rates more quickly than the Reserve Bank of Australia (RBA), which could put upward pressure on the EUR against the AUD.
Finally, the European economy is expected to grow more quickly than the Australian economy in the near term. This is due to a number of factors, including the reopening of the economies after the COVID-19 pandemic.
Risks:
There are a few risks to consider before entering a trade on EURAUD. First, the global economy could worsen, which could weigh on risk appetite and lead to a decline in EURAUD.
Second, the RBA could raise interest rates more quickly than expected, which could also put downward pressure on the EURAUD.
Finally, the Chinese economy could weaken more quickly than expected, which could also put downward pressure on the EURAUD.
💰Take Profit 2 - 1.6588
💰Take Profit 3 - 1.6638
❌ Stop loss - 1.6358
Technical analysis:
The EURAUD pair is currently in a bullish trend, and it is currently trading near the bottom of its range. The current spot rate is 1.6458, and a buy entry point of 1.6458 is just above the recent low of 1.6358.
The pair is also trading above its 200-day moving average, which is a bullish signal. The pair is also forming an ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The euro is generally seen as a riskier currency than the Australian dollar, and it has been strengthening against the Australian dollar as concerns about the global economy have subsided.
Second, the European Central Bank (ECB) is expected to raise interest rates more quickly than the Reserve Bank of Australia (RBA), which could put upward pressure on the EUR against the AUD.
Finally, the European economy is expected to grow more quickly than the Australian economy in the near term. This is due to a number of factors, including the reopening of the economies after the COVID-19 pandemic.
Risks:
There are a few risks to consider before entering a trade on EURAUD. First, the global economy could worsen, which could weigh on risk appetite and lead to a decline in EURAUD.
Second, the RBA could raise interest rates more quickly than expected, which could also put downward pressure on the EURAUD.
Finally, the Chinese economy could weaken more quickly than expected, which could also put downward pressure on the EURAUD.