EURAUD will be our choice of weekly analysis this week on the daily timeframe. Price has been slightly choppy with a minor uptrend that just reached our near term resistance level as our latest trend. At the level, the previous candlestick has a long upper shadow which did not close above. As well as the current candle which is a doji with a minute real body.
From the recent price behavior, bulls are facing resistance pushing price to higher levels. Indecision is what is depicted. A possibility of a reversal is quite high but we have to wait for confirmation to affirm this speculation.
We are going to follow up on this pair, from analysis done 3 weeks ago. Price was trading within a descending triangle. At the time of the former analysis, we had reached the lower boundary depicted by the yellow eclipse. A bounce occurred off the support zone and rallied up. Later the upper trend line acted as resistance and the market slid off back to the support zone and broke out.
With the occurrence of the break and close below our bias shifts bearish. We had our confirmation candle following the breakout. The most recent candlestick is an inside bar. Monitoring of this pair continues to see whether the bear power will persist.