Home Technical Analysis FOREX Technical Analysis: Aside from EURAUD

FOREX Technical Analysis: Aside from EURAUD

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The pair has been stopped by the strong resistance zones 1.4720-1.4750 for the second during the previous two weeks as seen on the provided daily graph.

euraud-22-06-fxcomment

The median line of pitchfork channel still acts as ceiling that prevents the pair from clearing 1.4750 regions until now.

However, the contrarian between weakness appearing on Stochastic and strength of recovery appearing on ADX forces us to be neutral on the EURAUD pair.

For short-term traders, selling could be accurate with a break below 1.4460, while coming above 1.4750 will give bulls the motivation to test the resistance of the channel.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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