• Oct 3, 2024
  • Trade ideas

EURAUD Approaching Supply Zone

EURAUD – H1 Timeframe

EURAUDH1-031024BB.png

The 1-hour timeframe chart of EURAUD has been in a downtrend with the most recent impulse starting on the 30th of September. The current bullish retracement could be terminating soon at the highlighted supply zone.

  • The supply zone has confluence with the 200-period moving average.
  • The moving averages are aligned in a perfect descending order.
  • The trendline resistance acts as a further bearish confluence.
  • The RSI is overbought and expected to get a correction soon.

Analyst’s Expectations: 

Direction: Bearish

Target: 1.60732

Invalidation: 1.61907

CONCLUSION

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Author: Adetola-Freeman Ogunkunle