Short

EURAUD Breaking Trendline Support-Bearish Ellliott Wave count

Updated

EURAUD is still bearish, it's coming down in five waves, below the support line on a daily channel which can put more weakness in play for weeks ahead. However, be aware of a rally, which can be in three waves back to 1.5-1.5100 before weakness resumes. Also, keep an eye on tocks; any further gains can be supportive for the AUD in risk-on envroment traders will get more interested in AUD rather than EUR. It has a lot to do with rates, inflation that is much lower in Australia, and then of course with the Ukraine-Russia situation.

Note

Ongoing weakness ...

ew-forecast

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