AUD has went up significantly for the past several days or even weeks. EUR has been pounded. EURAUD has higher degree of negative correlation with AUDUSD. Since AUDUSD has broke out, we're expecting to pullback for a retrace after hitting 113, 127 extensions.
With EURAUD now at weekly support, our bias is to go long on this pair. Today's move proved to show us a possible formation of a base at current levels. Plotting out the harmonic pattern, we have a shark formation with near term target of 1.4720.
Trade this with caution. Extremely volatile.
With EURAUD now at weekly support, our bias is to go long on this pair. Today's move proved to show us a possible formation of a base at current levels. Plotting out the harmonic pattern, we have a shark formation with near term target of 1.4720.
Trade this with caution. Extremely volatile.