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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.