Approaching heavy resistance zone
Updated
After a huge plunge in May, EUR/AUD bounced in June and formed a rising wedge pattern.
The blue area represent the heavy resistance zone.*
*Why is it a resistance zone?
1. 0.618 fib retracement of the great plunge from 1.6195 to 1.52700./
2. Neckline of the double top
There are two scenario I think EURAUD may go on Monday.
1. EURAUD may rise until reaching .618 retracement which is 1.58453 and then fall on the next few trading days./
2. EURAUD may directly breakdown support line .
The blue area represent the heavy resistance zone.*
*Why is it a resistance zone?
1. 0.618 fib retracement of the great plunge from 1.6195 to 1.52700./
2. Neckline of the double top
There are two scenario I think EURAUD may go on Monday.
1. EURAUD may rise until reaching .618 retracement which is 1.58453 and then fall on the next few trading days./
2. EURAUD may directly breakdown support line .
Trade active
scenario 1 : good to short now with stop loss above 1.59635Trade closed: target reached
target 1 hitNote
its heading to 1.55
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