HTF view of EURAUD highlight price reaching support of a long term bear flag, at confluence with a Price Pivot Zone at 1.55(blue line).
Potential acceleration to the downside once both level will be cleared offering opportunity for a swing trade.
But in short-term, CAUTION. Possible upside reaction at such strong resistances, in line with my view for some near-term equity downside. Note that with such volatile pair it's always difficult to predict the amplitude of such reaction, hence the need to be cautious (last spike in Mar20 was 30 big figures!). Hopefully Shorter Time Frame will offer signs for entry.
Potential acceleration to the downside once both level will be cleared offering opportunity for a swing trade.
But in short-term, CAUTION. Possible upside reaction at such strong resistances, in line with my view for some near-term equity downside. Note that with such volatile pair it's always difficult to predict the amplitude of such reaction, hence the need to be cautious (last spike in Mar20 was 30 big figures!). Hopefully Shorter Time Frame will offer signs for entry.
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