EUR/AUD (H4) chart shows that Monday’s opening was a little bit higher that Friday’s market closure. AUD is really weak – in comparison to most of the major currencies. During the weekend a price gap formed. Currently, rate is testing the resistance zone which for a long period of time was acting as a strong support.
Trend here is clearly downward, so we should consider playing short – price gaps can develop specific markets movements and in the few next hour we should see decreases. When we look on H1 chart we can see candles with long upper shadows. It indicates that supply near the resistance activated and bears are willing to trade.
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