Resume Bullish Trend and potential correction bearish
There was a false breakout circled in RED. My previous analysis has proven to be wrong, so this is an updated analysis.
It is interesting to see the price has broken out and closed above The First Resistance Zone
Now we can look out for bullish movement toward Fibo 1.5-1.618 between the price of 1.57385 and 1.57636
MACD Cross-over occurred and now passed above the zero-line + Aroon Down is crossing upward as a double confirmation signal
Once the price has reached there. We can expect Correction Bearish Trend to The Baseline (Kijun-sen: Cyan line)
and potentially reach trend line drawn refer to the false breakouts indicated by Dotted Purple Arrow
Anyway, I still believe that EUR/AUD is in long-term BEARISH TREND due to Weekly Timeframe reading.
Thx for reading and welcome all opinions.
It is interesting to see the price has broken out and closed above The First Resistance Zone
Now we can look out for bullish movement toward Fibo 1.5-1.618 between the price of 1.57385 and 1.57636
MACD Cross-over occurred and now passed above the zero-line + Aroon Down is crossing upward as a double confirmation signal
Once the price has reached there. We can expect Correction Bearish Trend to The Baseline (Kijun-sen: Cyan line)
and potentially reach trend line drawn refer to the false breakouts indicated by Dotted Purple Arrow
Anyway, I still believe that EUR/AUD is in long-term BEARISH TREND due to Weekly Timeframe reading.
Thx for reading and welcome all opinions.
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