EURAUD Technical Analysis – May 06, 2021

EURAUD fell on Wednesday, due to the lower lows in the recent shock trend, the technical bias is bearish.

The pair is currently trading near 1.54940, and multiple resistance levels can be seen above, which may prevent the price from rising further.

  • Resistance level 1: 1.56250
  • Resistance level 2: 1.57000
  • Resistance level 3: 1.58250

Below the price, multiple support levels can be found, and it is possible to maintain the price above that level.

  • Support level 1: 1.54250
  • Support level 2: 1.53450
  • Support level 3: 1.52600

Australia will announce its latest monetary policy statement on Friday, which will further elaborate on the decision of the recent interest rate resolution and its outlook for the Australian economy. The hawkish view shows that it is favorable for the Australian dollar, so it is bearish on the EURAUD currency pairs, and vice versa.

Looking at the current price trends and economic development, it might be a good trading decision to sell the EURAUD currency pair near the current level.