EUR/AUD Wave Analysis EUR/AUD Wave Analysis
The counter is correcting in an ABCDE formation.
It has completed wave D and is taking support at the trendline.
Further, the the stochastic oscillator is forming an inverted head and shoulder at the lows.
We expect the pair to move higher to complete wave E.
Euraudbuy
EurAud- Where to buy?From 1.68 recent top, EurAud had quite a drop reaching 1.61 zone and major support (see daily chart)
Now the pair broke above falling wedge resistance and there is a high probability to continue higher.
I'm looking to buy this pair and 1.6230-1.6250 zone could be a good place for longs
EURAUD - BUY AFTER FALSE BREAK OUT The price is returned for retest level - the previous touch of the level more than 6 month ago. moreover, a strict namber of false breakdowns.
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Long EUR/AUDECB'S De Guindos warned on Friday that Q4 growth will not reach the target 3%... he also said that the eurozone will start to see positive rates by 2021, so we have lots of mixed verbiage coming from ECB. With that info, I'm looking towards the technicals and taking a long based off a break and a pullback towards my down trendline.
EurAud- Stop hunting and 1.7 after?After a false break of what should have been strong support at 1.6550-1.6600 zone (In my opinion stop hunting, and liquidity search for longs) EurAud finished the day with an immense bullish engulfing from the trend line support and above horizontal one.
I still have a target of 1.7 for this pair and corrections should be bought
EurAu- possible rise with double confirmationLast week EurAud broke violently above 1.66 resistance, accelerated and reached a local high at 1.68.
A normal correction followed and the pair come to confirm old resistance as new support.
Now the pair is trading upwards, also above the descending trendline and looks ready to resume its upward move.
Buy dips for this pair is my preferred strategy.