EUR/AUD H4 Bullish Trend on Going
The EUR/AUD forex pair reflects the exchange rate between the Euro and the Australian Dollar. The Euro is frequently known as the “single currency,” while the Australian Dollar is often called the “Aussie” in the forex market. Fundamental analysis for the EUR/AUD pair considers upcoming economic events that could influence its value. On the European side, key data releases include the French Government Budget Balance at 9:45 AM, Spanish Unemployment Change at 10:00 AM, Italian Monthly Unemployment Rate at 11:00 AM, and the overall Eurozone Unemployment Rate at 12:00 PM. Stable or improving figures in these reports could bolster the Euro. Conversely, for the Australian Dollar, significant events include the Retail Sales m/m and Current Account figures, both scheduled for release at 2:30 AM, followed by the RBA Deputy Governor Hauser’s speech at 11:45 PM. Positive retail sales data and a favorable current account balance could strengthen the Aussie, while insights from the RBA Deputy Governor’s speech may provide further direction on monetary policy.
Chart Notes:
• Chart time-zone is UTC (+02:00)
• Candles’ time-frame is 4h.
Analyzing the EUR/AUD H4 chart reveals a strong bullish phase, with the price line extending significantly above the Ichimoku cloud, indicating robust upward momentum. The latest candle is a strong bullish formation, surpassing the upper shadows of the preceding doji candle, which often signifies a potential continuation of the upward trend. However, the MACD is showing negative divergence, suggesting that while prices are climbing, the momentum may be weakening, warranting caution. Additionally, the price’s distance from the Ichimoku cloud could imply overextension, and traders should watch for potential corrections. Despite these cautionary signals, the Ichimoku cloud itself does not currently indicate any signs of a possible bearish wave, maintaining a bullish outlook.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.
