The EURAUD Performance

EURAUD's descending structure is about to be completed. It  is trading within a descending structure in a bullish market. This structure is seen as a bullish continuation pattern on the higher timeframes and traders anticipate the trend to resume to the upside. At the moment the market is starting to show bullish momentum and a possible reversal to the upside as it created a lower low around 1.61475 and has already broken above the resistance trendline as well as previous resistance zones.  According to this price action, traders do not want to look for bearish trading opportunities however will monitor price action and wait for a break and close above the resistance zone around 1.63173 before looking for bullish trading opportunities.

The EURNZD Performance

EURNZD is also about to complete the descending structure and is currently trading within a descending structure that is forming in a bullish market on the higher timeframes. Similar to EURAUD price action, traders view this structure as a bullish continuation pattern and overall anticipate the trend to resume to the upside. At the moment the market has created a lower low around 1.73964 and has broken above the resistance zone around 1.75374. The MACD is showing signs of convergence and the bearish momentum is slowing down. According to this price action, traders do not want to continue selling the market around these zones but are looking for bullish trading opportunities once the market breaks and trades above the 1.75374 resistance Zone.

The XAUUSD (Gold) Performance

Gold dropped to 2017.00 and continued to drop to the 2017.00 target after it completed the bearish continuation pattern within the descending channel according to the previous commentary. This price action completed the bearish setup. At the moment nothing much has changed as the market is still trading within the descending channel however the overall trend on the higher timeframes is bullish. Therefore traders will continue to monitor Gold and wait for price action that aligns with the bullish trend to identify continuation trading opportunities.

Final Thoughts on Today's Analysis

In conclusion, both EURAUD and EURNZD exhibit promising signs of resuming their bullish trends after completing descending structures within bullish markets. The anticipation is based on the view that these structures serve as bullish continuation patterns on higher timeframes.

Meanwhile, Gold (XAUUSD) has adhered to the bearish continuation pattern within a descending channel, reaching the previously mentioned target of 2017.00. Despite the current bearish scenario, the overall trend on higher timeframes remains bullish. Traders are advised to patiently observe Gold, looking for price action aligning with the broader bullish trend to identify potential continuation trading opportunities.