Chapter 4 Is EURAUD bouncing up?
31/01/2023
Summary
The fundamental news leads the market
Fundamental analysis
The fundamental view on this pair EURAUD shows The negative news for the AUD and the positive news for the euro, Which is the news released today for the Australian dollar shows that the retail sales were very negative and were unexpected at -3.9%, On the other hand, the eurozone GDP news has been released with a positive result better than expected.
Australia Retail Sales MoM
Previous 1.4%
Actual -3.9%
Eurozone GDP Prelim YoY
Previous 2.1%
Actual 1.9%
Technical analysis
In this 1-hour diagram chart, the market is trending up the price now at 1.54343 after the pullback down, We expect the price will continue this uptrend to climb up until the previous supply zone at 1.55000 And do the breakout to continue climbing up until the oldest supply zone at 1.56400.
Trading Recommendation
Trading Direction: Long
Entry Price: 1.55059
Target Price: 1.56339
Stop Loss: 1.54138
