Every week we are looking at which currency pairs are moving and trending. What is worth following right now? We like to name these currency pairs “the star of the week“.
This time we are giving you technical analysis for a currency pair that we really want to look at, the EUR AUD. We will definitely watch this pair very carefully for the next few days.
Are you trading EUR AUD?
Why I think EUR AUD will be the star of the week
The EUR AUD has been on the move up this month and a sharp movement down of 91 pips. It should retrace a bit more. This pair can be a frustrating pair to trade. It will sit for days barely moving, consolidating, ranging and then it will move as if someone put a stick of dynamite under it and it will make some major pips. You have to have patience with this one.
A quick look at the EUR AUD currency pair
MONTHLY shows this pair has made an up move away from the up trend line and coming back down to just peek underneath the first up trend line right at the .618 at 1.59663. The rsi is in the middle headed to the buy zone indicating there is further down movement to come. It should reach the second trend line which is also on the .786 at 1.49311. This should result in 1,405 pips.
DAILY shows this has been ranging between 1.65304 and 1.60985. It has also been weaving up and down around an up trend line. The rsi is almost in the sell zone. This pair will make 234 pips if it comes to the bottom of the range. If it breaks through and goes to the .270 that would be 399 pips.
HOURLY shows this pair crossed an up trend line and is moving down. It should keep going to the second up trend line and that would bring it to the .618 at 1.62775. The trend line is in the buy zone but it is skimming along indicating more down movement to come.
NZD USD in the news
NZD/USD has been trading on a bullish trend since the middle of March,when this pair came back from the dead, following the big crash from the coronavirus outbreak. This forex pair made a strong reversal during the second half of that month and after some slight upward momentum during April and May, the momentum picked up pace in June.FX Leaders think that MAs Keeping NZD/USD Bullish Again This Week
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Was this article helpful for you? What do you think of the USD MXN and EUR JPY currency pairs? I often use Pivot points in my analysis. I have already written an article where I explained in detail how target trading works.
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