traderpulse

EUR/AUD Technical analysis

Long
FX:EURAUD   Euro / Australian Dollar
The pair is confined within the ranges of 1.57393-1.60778 for the past 2 months.
It can be construed as ABC correction and the pair is assumed to in bull cycle.
The value of 1.57393 provided strong support to the counter and it reversed the pair from the downtrend.
A double bottom pattern formed at the formidable support of 1.57393 is actually the wave 1 and 2 of the bull cycle.
The break of the trendline and the formation higher high also adds strength to the above theory.
Currently, the pair is testing the broken trendline which can be used as a ‘buy on dip’.
We expect the pair to reach the resistance level of 1.60778 and we will update you regarding any change in our view.