EURAUD: Price Ascending to the $1.80 Supply Level

The EURAUD price is ascending to the upper resistance level.
The currency pair remains in an upside move.

EURAUD Weekly Price Analysis – January 19

The EURAUD pair is regaining strength, facing high buying pressure with the price ascending to the $1.80 supply level, and remains bullish. The Yen could continue to rise upward if it breaks up the $1.71 peak resistance value and the daily candle closes above the mentioned resistance. The $1.80 upper supply level might be the target, suggesting a good buy signal for long traders.

EURAUD Market
Key Levels:
Resistance levels: $1.65, $1.66, $1.67
Support levels: $1.59, $1.58, $1.57

EURAUD Long-term Trend: Bullish (Daily Chart)

Today, the EURAUD price is ascending to the upper supply level despite sellers’ action in the price flow on the daily chart. Price is above the supply channel, confirming the presence of a more bullish impact on the currency pair.
The Yen’s higher highs and higher lows in the previous actions at a $1.65 high value have enabled the price to maintain an uptrend, ascending towards the upper channel in its recent high.

The market value of EURAUD spikes up to the $1.66 high level above the EMA-50 as the daily session begins today, indicating an uptrend in the momentum of the price of the Yen as it journeys up north.

A possible breakout from the mentioned supply level will provide a higher float for buyers and prolong the ongoing recovery, ascending to the $1.71 peak barrier level.

Meanwhile, more upsides are possible as indicated by the momentum indicator, pointing to an uptrend. In light of this, the EURAUD price will remain in an ascending channel, and a $1.80 upper high level might be the target in the days ahead in its higher time frame..

EURAUD Medium-term Trend: Bullish (4H Chart)

The EURAUD pair remains bullish, ascending to the upper supply level as the journey up north continues in its medium-term perspective. The price bars can be sighted above the supply trend levels, suggesting a bullish momentum.
Despite the moves from the short traders, the bulls managed to push the Yen price to the $1.65 supply level in the previous session and sustained its upward momentum in its recent high.

The EURAUD price is ascending as the bulls caused a rise in the Yen price to the $1.66 resistance value above the moving averages as the 4-hourly chart opens today, indicating more active buy traders in the price flow.

Therefore, if the bulls increase their tension in the market, the price tendency may likely break up the $1.68 resistance value, resulting in an intraday gain for the buy traders.

However, with the daily stochastic pointing upwards, the bulls may likely continue in an ascending channel, leading the EURAUD price to a $1.80 upper resistance level in the days ahead in the medium-term perspective.

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