EURAUD has been carving out a descending triangle pattern over the past couple of weeks, with lower highs connected by a descending trend line near the 1.6400 major psychological mark pressing down against a flat horizontal support around 1.6360.
EURAUD has been trading inside a descending channel on its longer-term time frame, indicating that the downtrend is still intact.
EURAUD has been trading inside a well-defined range between the 1.7625 support level and the 1.8100 major psychological resistance zone throughout the past several months.
EURAUD has been consolidating in a long-term range between 1.7645 and 1.8100 for several months now, and price is currently testing the lower boundary of this range. The pair’s reaction at this crucial support level could determine the direction of the next significant move.
EURAUD has broken past its descending trend line resistance, signaling that a reversal from the longer-term downtrend could be underway.
EURAUD has completed a textbook head and shoulders reversal pattern on the 4-hour time frame, signaling that the previous uptrend could be giving way to a more sustained selloff.
EURAUD is currently trading at 1.78722, testing a pivotal technical juncture as the pair approaches the confluence of its ascending trend line support and key Fibonacci retracement levels.
EURAUD has reached a critical juncture after testing the significant resistance zone around 1.79893, where price action is showing signs of exhaustion following the recent rally from the ascending channel support.