Good morning, traders! We want to present you this opportunity in EUR/AUD, since today there was an interesting breakout, and there is the possibility of taking a trade in this direction.
๐ธ Let's start by analyzing the weekly chart, to see where this bullish idea comes from:
๐ธ As we can see, the price is in an upward channel that begins in 2013, and a new rebound took place a few weeks ago.
๐ธThis bounce also implies a breakout of the bearish channel, which is a second bullish sign.
๐ธSince then, the movement has been clearly bullish, but it could be considered somewhat choppy.
๐ธToday, we saw a breakout of the supply zone, which previously could not be broken.
๐ธThis allows us to look for a bullish setup.
๐ธThe idea in the 4H chart is the following:
๐ธThe objective is to wait for a retest of the broken area. After that, if the price is rejected there, we can confirm the bullish scenario.