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EURAUD Unlocks 4-Month High Above Symmetrical Triangle

EURAUD is surging to a fresh four-month highs around 1.6175, jumping above the symmetrical triangle with strong momentum. The technical indicators are feeding prospects for a possible positive trade; the RSI is holding well above 50, while the MACD continues to strengthen in bullish territory and above its trigger and zero lines.  Also, from the Ichimoku indicators, the red Tenkan-sen keeps rising higher than the blue Kijun-sen. Yet, the pair is facing strong resistance near its previous peak of 1.6170.

A failure to overcome the 1.6170 barrier could send the price down to 1.5980, a challenging point over the last two months. Lower support could be next found around the 200-day simple moving average (SMA) at 1.5815, while a decisive close below the Ichimoku cloud could spark a steeper sell-off until 1.5570.

Alternatively, if 1.6170 proves easy to get through, the spotlight will turn to the 1.6235 area. On top of that, the bulls would need to clear the 1.6440 barrier to push the rally towards the 1.6600 peak.

In the medium-term picture, EURAUD is turning positive after violating the downtrend started from the 1.6440 peak. Should the market continue the upward pattern, the outlook may turn brighter. A run above 1.6440 would turn the outlook strongly bullish.

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