The Australian Dollar (AUD) is expected to trade between 0.6325 and 0.6365 against the US Dollar (USD). In the longer run, upward momentum has faded, and AUD will likely consolidate between 0.6280 and 0.6410. Analysts previously noted a slight increase in downward pressure but expected any decline to stay above 0.6315, which proved accurate as AUD dipped to 0.6323 before recovering to 0.6344. The mild downward pressure has now eased. For today, AUD will likely remain within its expected range without significant movement.
EURAUD – D1 Timeframe
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The daily timeframe chart of EURAUD shows price retracing towards the area of supply after having broken the previous consecutive lows. In such scenarios, an area of liquidity just before the supply/demand zone often serves as an additional confluence for the expected market reaction. Let's see how the price behavior looks from the lower timeframe perspective.
EURAUD – H4 Timeframe
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On the 4-hour timeframe chart of EURAUD's price action, we see an SBR pattern originating from the sweep of the previous high and then the bearish break of structure. Considering the higher timeframe bearish sentiment, the supply zone at the SBR pattern's original peak is the expected entry area.
Analyst's Expectations:
Direction: Bearish
Target- 1.64222
Invalidation- 1.68057
CONCLUSION
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