FX.co ★ vbahringer | EUR/AUD

For the pair EUR/AUD, yesterday's daily candle tested the resistance level at 1.6530, signaling the end of the upward cycle and the need to switch to selling the EUR/AUD pair, as I mentioned yesterday. At the moment, the EUR/AUD pair has already managed to establish itself in the selling zone of the Envelopes indicator, also on the four-hour timeframe below the resistance level of 1.6460. This, in combination, is a great signal for a continuation of the price decline for the EUR/AUD pair following the classic Envelopes strategy, as on the daily timeframe we are at the top of the trading range, while on the four-hour timeframe we are in the selling zone. I expect the EUR/AUD pair to continue its price decline from the current level of 1.6425 towards the support at 1.6203.