The Euro Technical Analysis reveals that the EUR/GBP, EUR/CAD, and EUR/AUD currency pairs are on the rise. The AUD/EUR exchange rate chart from Chartoasis shows a steady growth of the Australian dollar against the Euro over the past three years.
EUR/GBP Technical Analysis
According to the Euro technical analysis, the EUR/GBP currency pair is trending higher, with potential resistance at 0.9030. If the pair reaches and exceeds the resistance level, the next significant barrier will be at 0.9150. On the downside, support can be expected at 0.8930, followed by 0.8840.
EUR/CAD Technical Analysis
As per the Euro technical analysis for EUR/CAD, the currency pair is expected to remain bullish as long as it is trading above the 1.4730 support level. On the upside, EUR/CAD resistance is seen at 1.4860, followed by 1.4950.
EUR/AUD Technical Analysis
EUR/AUD technical analysis suggests that the currency pair is likely to continue its uptrend with potential resistance at 1.5720. If the pair manages to break above this level, the next significant resistance can be expected at 1.5900. On the downside, support is seen at 1.5540 and 1.5420.
AUD/EUR Exchange Rate Chart – 3 Years
The AUD/EUR exchange rate chart shows that the Australian dollar has been increasing in value against the Euro over the past three years. In December 2018, the AUD/EUR exchange rate was at 0.63549, and it has risen to 0.65802 in December 2021. This upward trend indicates that the Australian economy is performing well relative to the Eurozone economy.
AUD/EUR Exchange Rate Chart – 10 Years
The AUD/EUR exchange rate chart from Chartoasis covers the past ten years, showing a significant dip in the value of the Australian dollar in 2013. However, the exchange rate has been rising steadily since then, reaching a high of 0.73268 in September 2021. Currently, the exchange rate is hovering around 0.65802.
Tips for Trading AUD/EUR Currency Pair
When trading the AUD/EUR currency pair, it is essential to consider the economic indicators and events that may affect the exchange rate. Some of the critical factors to look out for include:
- Interest rate differentials between Australia and the Eurozone
- Changes in global commodity prices, which significantly affect the Australian economy
- Monetary policy decisions by the European Central Bank and the Reserve Bank of Australia
- Political and economic developments in the Eurozone and Australia
Trade Ideas for AUD/EUR Currency Pair
Based on the technical analysis and the current economic environment, the following trade ideas could be considered for the AUD/EUR currency pair:
- Long position: If the AUD/EUR exchange rate continues to rise, a long position may be considered, with an exit strategy at around 0.7.
- Short position: If the AUD/EUR exchange rate experiences a pullback, a short position may be considered, with an exit strategy at around 0.65.
How to Trade AUD/EUR Currency Pair
Trading the AUD/EUR currency pair can be done through various platforms, including forex brokers or trading software. Before trading, it is necessary to create a trading plan to help manage risk and maximize potential profits. The following steps can be considered when trading the AUD/EUR currency pair:
- Analyze the current market conditions and determine the best time to enter a trade.
- Select an appropriate trading platform that offers the AUD/EUR currency pair and the necessary trading tools and resources.
- Create and test a sound trading plan that includes risk management strategies, such as stop-loss orders and position sizing.
- Enter the trade and monitor the market closely to make adjustments according to market conditions.
- Exit the trade when the predetermined exit strategy is met or when market conditions change.
Overall, the Euro Technical Analysis suggests that the EUR/GBP, EUR/CAD, and EUR/AUD currency pairs are trending higher, while the AUD/EUR exchange rate chart indicates a steady growth of the Australian dollar against the Euro over the past three years. By considering the economic factors and using technical analysis, traders can develop sound trading plans and make informed decisions when trading the AUD/EUR currency pair.
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