EUR/AUD Long-Term Idea 💡

Mar 31, 2023

EUR/AUD has been in an overall downtrend for weeks but has recently broken that trend line. I have condensed down to the 12hr chart to show both short and long term possibilities using a mixture of the dow Jones theory with market structure and fibonacci. It is still possible to see price push lower but in the events of a new uptrend, this is what I would expect to see according to confluence. Orange cycle is the lower time frame elliot wave which should form the larger time frame green cycle following the new uptrend. Green dashed line is the 1.382/1.618/2.0 fibonacci levels of cycle 1 completion highlighted. (Turquoise rectangle is 0.618 of cycle 1). Harmonic patterns are usually located in the correction for a trend continuation however i have not highlighted these for a cleaner chart. This is only a speculation, not to be considered as financial advice. Any positions taken should be done by your own discretion.