EURNZD Local S/R| Structural S/R| .382 Fib| Price Action| 200MA
Evening Traders,
Today’s Analysis – EURAUD- impulse close above Local S/R, a bullish retest is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support (200 MA Confluence)
- Structural S/R Resistance
- RSI Bullish Control Zone
- Increasing Volume
EURAUD’s immediate price action is impulsive above Local S/R, holding these regions allow us to have a bullish bias on the market.
The Local S/R is current support that is in confluence with the .382 Fibonacci, price action has a high probability of respecting this level.
Structural S/R is objective, clearing this level will greatly increase the probability of trend continuation.
The RSI is currently trading in its respective bullish control zone, maintaining these levels with increasing volume is indicative of market strength.
Overall, in my opinion, EURAUD is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“All statistics have outliers. Money management, therefore, is key to the process of good trading.”
― Yvan Byeajee
Today’s Analysis – EURAUD- impulse close above Local S/R, a bullish retest is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support (200 MA Confluence)
- Structural S/R Resistance
- RSI Bullish Control Zone
- Increasing Volume
EURAUD’s immediate price action is impulsive above Local S/R, holding these regions allow us to have a bullish bias on the market.
The Local S/R is current support that is in confluence with the .382 Fibonacci, price action has a high probability of respecting this level.
Structural S/R is objective, clearing this level will greatly increase the probability of trend continuation.
The RSI is currently trading in its respective bullish control zone, maintaining these levels with increasing volume is indicative of market strength.
Overall, in my opinion, EURAUD is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“All statistics have outliers. Money management, therefore, is key to the process of good trading.”
― Yvan Byeajee